D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
What are liabilities and examples - correct answer what we owe. Obligations that
require future sacrifice.
Phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
What is owners equity and examples - correct answer owners share, stockholders
equity, how much owner originally invested in business + how much profit they have
left
Capital stock- amt given by shareholders to obtain shares of stock(capital=$ so money
from stocks)
Retained earnings- earnings retained in business, ex= net income
Do dividends increase or decrease owners equity - correct answer decrease
Does investments by owners increase or decrease owners equity - correct answer
increase
What is an income stmt - correct answer analyzes economic performance for a specific
period of time. Statement of income. Revenues, expenses, liabilities.
Equation for net income - correct answer net income= revenues - expenses
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
Does revenues increase or decrease net assets - correct answer increase
Does expenses increase or decrease net assets - correct answer decrease
Bookkeeping - correct answer day to day keeping of transcations
Steps of decision making - correct answer identify issue
Gather information
Identify alternatives
Select option that most likely results in desired objective
Accounting - correct answer analysis of events
Record and report financial effects of business activities
Where does capital come from (3) - correct answer investors
Creditors(lenders)
Business itself (from earnings retained)
2 main types of accounting - correct answer financial and managerial
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
Managerial accounting - correct answer gather and analysis of information for internal
use and decision making.
Financial accounting - correct answer gather, report, analysis of information for
external users- investors and creditors. Summary of a business
What does managerial accounting review - correct answer product cost, breakeven
analysis, budgeting, performance analysis, outsource production
What is revenue - correct answer amount of assets created from sale.
Products, membership, software, hardware, etc
What are expenses - correct answer amount of assets consumed in generating
revenues.
Wages, utilities, wholesale cost
If revenue exceeds expenses what happens - correct answer you get net income
If revenue is less than expenses paid, what happens - correct answer net loss
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
How to find net income or net loss - correct answer revenue- expenses= if + net
income, if - net loss
Gross profit and loss - correct answer difference between sales and cost of good sold.
Retail price-wholesale cost to buy.
Sales- cost of goods
Operating income and equation - correct answer day to day basis
Sales- cost of goods sold- operating expenses
Non operating expenses - correct answer interest and income taxes
No connection with specific nature operating business
Eps definition and equation - correct answer earnings per share
Net income/ outstanding number of shares of stock
Gains - correct answer making money from activity outside natural activities of busines
Statement of cash flow - correct answer how cash changed from beginning to end and
why cash in(receipts) and cash out(payments) from operating, investing, financing
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
What are liabilities and examples - correct answer what we owe. Obligations that
require future sacrifice.
Phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
What is owners equity and examples - correct answer owners share, stockholders
equity, how much owner originally invested in business + how much profit they have
left
Capital stock- amt given by shareholders to obtain shares of stock(capital=$ so money
from stocks)
Retained earnings- earnings retained in business, ex= net income
Do dividends increase or decrease owners equity - correct answer decrease
Does investments by owners increase or decrease owners equity - correct answer
increase
What is an income stmt - correct answer analyzes economic performance for a specific
period of time. Statement of income. Revenues, expenses, liabilities.
Equation for net income - correct answer net income= revenues - expenses
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
Does revenues increase or decrease net assets - correct answer increase
Does expenses increase or decrease net assets - correct answer decrease
Bookkeeping - correct answer day to day keeping of transcations
Steps of decision making - correct answer identify issue
Gather information
Identify alternatives
Select option that most likely results in desired objective
Accounting - correct answer analysis of events
Record and report financial effects of business activities
Where does capital come from (3) - correct answer investors
Creditors(lenders)
Business itself (from earnings retained)
2 main types of accounting - correct answer financial and managerial
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
Managerial accounting - correct answer gather and analysis of information for internal
use and decision making.
Financial accounting - correct answer gather, report, analysis of information for
external users- investors and creditors. Summary of a business
What does managerial accounting review - correct answer product cost, breakeven
analysis, budgeting, performance analysis, outsource production
What is revenue - correct answer amount of assets created from sale.
Products, membership, software, hardware, etc
What are expenses - correct answer amount of assets consumed in generating
revenues.
Wages, utilities, wholesale cost
If revenue exceeds expenses what happens - correct answer you get net income
If revenue is less than expenses paid, what happens - correct answer net loss
, D196- Principles of Financial and
Managerial Accounting (Latest update
2026- 2027) Questions and Answers 100%
Correct {GRADE A} -WGU
How to find net income or net loss - correct answer revenue- expenses= if + net
income, if - net loss
Gross profit and loss - correct answer difference between sales and cost of good sold.
Retail price-wholesale cost to buy.
Sales- cost of goods
Operating income and equation - correct answer day to day basis
Sales- cost of goods sold- operating expenses
Non operating expenses - correct answer interest and income taxes
No connection with specific nature operating business
Eps definition and equation - correct answer earnings per share
Net income/ outstanding number of shares of stock
Gains - correct answer making money from activity outside natural activities of busines
Statement of cash flow - correct answer how cash changed from beginning to end and
why cash in(receipts) and cash out(payments) from operating, investing, financing
