WGU D103 PREP -INTERMEDIATE ACCOUNTING I
|ACTUAL QUESTIONS AND VERIFIED ANSWERS
|BRAND NEW 2026-2027 UPDATE|GRADED A+
Question 1
The financial statements most frequently provided include all of the following except the:
A) statement of retained earnings.
B) balance sheet.
C) statement of cash flows.
D) statement of stockholders' equity.
CORRECT ANSWER
A
Question 2
Financial reporting is the process of determining how and at what cost money is allocated
among competing interests.
True
False
CORRECT ANSWER
False
Question 3
Which of the following is the objective of financial reporting? To provide information:
1
,A) about the reporting entity that is useful to present and potential equity investors, lenders,
and other creditors.
B) about the management and shareholders of an enterprise.
C) used to identify, measure, analyze and communicate financial information needed by
management to plan, control and evaluate a company's operations.
D) that defines the process of how and at what cost money is allocated among competing
interests.
CORRECT ANSWER
A
Question 4
To satisfy the stewardship reporting responsibility of management, companies prepare
multiple sets of special-purpose statements to meet the information needs of a variety of
financial statement users.
True
False
CORRECT ANSWER
False
Question 5
Which of the following best describes the idea that the FASB operates in full view of the
public and gives interested parties ample opportunity to make their views known?
2
,A) Due Process
B) Broader Representation
C) Greater Autonomy
D) Increased Independence
CORRECT ANSWER
A
Question 6
The Financial Accounting Standards Board Accounting Standards Codification is the only
authoritative accounting literature.
True
False
CORRECT ANSWER
True
Question 7
The _______ has oversight and enforcement authority and establishes auditing, quality
control, and independence standards and rules.
A) PCAOB (Public Company Accounting Oversight Board).
B) FASB (Financial Accounting Standards Board).
C) SEC (Securities and Exchange Commission).
3
, D) IRS (Internal Revenue Service).
CORRECT ANSWER
A
Question 8
International Financial Reporting Standards (IFRS) are issued by the:
A) IASB (International Accounting Standards Board).
B) SEC (Securities and Exchange Commission).
C) FASB (Financial Accounting Standards Board).
D) EU (European Union).
CORRECT ANSWER
A
Question 9
Although ethical dilemmas are frequently encountered in the business world, accountants
are fortunate because adhering to GAAP solves all ethical questions.
True
False
CORRECT ANSWER
False
4
|ACTUAL QUESTIONS AND VERIFIED ANSWERS
|BRAND NEW 2026-2027 UPDATE|GRADED A+
Question 1
The financial statements most frequently provided include all of the following except the:
A) statement of retained earnings.
B) balance sheet.
C) statement of cash flows.
D) statement of stockholders' equity.
CORRECT ANSWER
A
Question 2
Financial reporting is the process of determining how and at what cost money is allocated
among competing interests.
True
False
CORRECT ANSWER
False
Question 3
Which of the following is the objective of financial reporting? To provide information:
1
,A) about the reporting entity that is useful to present and potential equity investors, lenders,
and other creditors.
B) about the management and shareholders of an enterprise.
C) used to identify, measure, analyze and communicate financial information needed by
management to plan, control and evaluate a company's operations.
D) that defines the process of how and at what cost money is allocated among competing
interests.
CORRECT ANSWER
A
Question 4
To satisfy the stewardship reporting responsibility of management, companies prepare
multiple sets of special-purpose statements to meet the information needs of a variety of
financial statement users.
True
False
CORRECT ANSWER
False
Question 5
Which of the following best describes the idea that the FASB operates in full view of the
public and gives interested parties ample opportunity to make their views known?
2
,A) Due Process
B) Broader Representation
C) Greater Autonomy
D) Increased Independence
CORRECT ANSWER
A
Question 6
The Financial Accounting Standards Board Accounting Standards Codification is the only
authoritative accounting literature.
True
False
CORRECT ANSWER
True
Question 7
The _______ has oversight and enforcement authority and establishes auditing, quality
control, and independence standards and rules.
A) PCAOB (Public Company Accounting Oversight Board).
B) FASB (Financial Accounting Standards Board).
C) SEC (Securities and Exchange Commission).
3
, D) IRS (Internal Revenue Service).
CORRECT ANSWER
A
Question 8
International Financial Reporting Standards (IFRS) are issued by the:
A) IASB (International Accounting Standards Board).
B) SEC (Securities and Exchange Commission).
C) FASB (Financial Accounting Standards Board).
D) EU (European Union).
CORRECT ANSWER
A
Question 9
Although ethical dilemmas are frequently encountered in the business world, accountants
are fortunate because adhering to GAAP solves all ethical questions.
True
False
CORRECT ANSWER
False
4
