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WGU D196 Objective Assessment Final Exam Version
1 Newest Complete All 180 Questions And Correct
Detailed Answers (Verified Answers) |Already Graded
A+||Latest Exam Version!!!
What is the effect of a company's accounting department
maintaining high ethical standards?
-The company can report more favorable results in its
financial statements.
-The company's accounting information will decrease in
value.
-The company can hire fewer accountants to do the same
amount of work.
-The company's accounting information will increase in
value. - Answer-The company's accounting information will
increase in value.
Why might employees be interested in their company's
financial accounting information?
-Financial statement data are used to record long term
liabilities.
-Financial statement data provide detailed internal budget
information.
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-Financial statement data are often used in determining
employee bonuses.
-Financial statement data provide item-by-item product
cost information. - Answer-Financial statement data are
often used in determining employee bonuses.
Which group establishes financial accounting rules in the
United States?
-Internal Revenue Service (IRS)
-American Institute of Certified Public Accountants
(AICPA)
-Financial Accounting Standards Board (FASB)
-International Accounting Standards Board (IASB) -
Answer-Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial
statements?
-Statement of stakeholder funds
-Statement of cash flows
-Statement of the accounting cycle
-Statement of management accounting - Answer-
Statement of cash flows
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A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's
accounting equation?
-Assets decrease by $5,000; expenses increase by
$5,000.
-Assets decrease by $5,000; liabilities increase by $5,000.
-Assets decrease by $5,000; revenues increase by
$5,000.
-Assets increase by $5,000; expenses increase by $5,000.
- Answer-Assets decrease by $5,000; expenses increase
by $5,000.
What is a transaction?
-Two parties exchanging something of value
-An example of an online business document
-A type of commonly used accounting software
-A category of merchandiser or retailer - Answer-Two
parties exchanging something of value
A company borrowed $80,000 cash from a bank.
WGU D196 Objective Assessment Final Exam Version
1 Newest Complete All 180 Questions And Correct
Detailed Answers (Verified Answers) |Already Graded
A+||Latest Exam Version!!!
What is the effect of a company's accounting department
maintaining high ethical standards?
-The company can report more favorable results in its
financial statements.
-The company's accounting information will decrease in
value.
-The company can hire fewer accountants to do the same
amount of work.
-The company's accounting information will increase in
value. - Answer-The company's accounting information will
increase in value.
Why might employees be interested in their company's
financial accounting information?
-Financial statement data are used to record long term
liabilities.
-Financial statement data provide detailed internal budget
information.
,2|Page
-Financial statement data are often used in determining
employee bonuses.
-Financial statement data provide item-by-item product
cost information. - Answer-Financial statement data are
often used in determining employee bonuses.
Which group establishes financial accounting rules in the
United States?
-Internal Revenue Service (IRS)
-American Institute of Certified Public Accountants
(AICPA)
-Financial Accounting Standards Board (FASB)
-International Accounting Standards Board (IASB) -
Answer-Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial
statements?
-Statement of stakeholder funds
-Statement of cash flows
-Statement of the accounting cycle
-Statement of management accounting - Answer-
Statement of cash flows
, 3|Page
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's
accounting equation?
-Assets decrease by $5,000; expenses increase by
$5,000.
-Assets decrease by $5,000; liabilities increase by $5,000.
-Assets decrease by $5,000; revenues increase by
$5,000.
-Assets increase by $5,000; expenses increase by $5,000.
- Answer-Assets decrease by $5,000; expenses increase
by $5,000.
What is a transaction?
-Two parties exchanging something of value
-An example of an online business document
-A type of commonly used accounting software
-A category of merchandiser or retailer - Answer-Two
parties exchanging something of value
A company borrowed $80,000 cash from a bank.
