Wgu Accounting C213 (Chapter 1 Quiz) Updated Actual Exam Questions And Correct Answers

WGU ACCOUNTING C213 (CHAPTER 1
QUIZ) UPDATED ACTUAL Exam
Questions and CORRECT Answers
The emphasis in financial accounting is on which of the following external user groups?


· Investors and creditors
· Educators
· Management

· Certified public accountants - CORRECT ANSWER Investors and creditors


The primary internal group that uses accounting information is


· Investors
· Government agencies
· Management

· Competitors - CORRECT ANSWER Management


Which of the following is NOT an external user of financial information?


Competitors
Customers
Suppliers

Management - CORRECT ANSWER Management


Internal reports are generally used by


Suppliers

, Lenders
Management

Employee - CORRECT ANSWER Management


Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?


· It seeks consistency for its proposed standards
· It is a government agency
· It consists of seven full-time members

· It has no legal power to enforce the standards it sets - CORRECT ANSWER It is a
government agency


Generally accepted accounting principles are


· Natural laws
· Based on scientific proofs
· Developed by accounting rule makers

· None of these are correct - CORRECT ANSWER Developed by accounting rule makers


The initials GAAP stand for


General Accounting Administration Practices
Generally Accepted Accounting Practices
Generally Applied Accounting Procedures

Generally Accepted Accounting Principles - CORRECT ANSWER Generally Accepted
Accounting Principles


The current standard-setting board for accounting in the private sector is the