WGU D196|PA|PRE-ASSESSMENT EXAM
Correct
Incorrect
Notes payable
, 2 of 206
Definition
What is one important factor to consider when preparing a
production budget?
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Cost of goods sold Intensity of competition
Amount of beginning
Projected sales volume
inventory
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3 of 206
Definition
True or False: Accountants measure and communicate the results of
business activities.
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True Dividends
Asset Cost-Volume-Profit Analysis
, Don't know?
4 of 206
Definition
Which statement correctly distinguishes the uses of financial
accounting information from the uses of managerial accounting
information?
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A balance sheet portrays the financial condition of a company at a point in time.
This describes the elements and purposes of a balance sheet.
Because accounting involves making assumptions, estimates, and judgments
Financial accounting information is prepared according to a generally
accepted set of rules.
Financial accounting information is prepared according to GAAP.
Total sales
Examining trends over time of each line item as a percentage of sales helps an
accountant determine how the company is performing relative to other
companies in the industry.
Don't know?
, 5 of 206
Definition
What is the purpose of the notes to the financial statements?
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The notes present the
The notes provide a summary of the
assumptions needed to help
company's financial goals.
explain financial statements.
The notes detail the company's The notes list the company's
operational procedures. marketing strategies.
Don't know?
6 of 206
Definition
Which type of account is inventory?
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Revenue Asset
Budget Expense
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Correct
Incorrect
Notes payable
, 2 of 206
Definition
What is one important factor to consider when preparing a
production budget?
Give this one a try later!
Cost of goods sold Intensity of competition
Amount of beginning
Projected sales volume
inventory
Don't know?
3 of 206
Definition
True or False: Accountants measure and communicate the results of
business activities.
Give this one a try later!
True Dividends
Asset Cost-Volume-Profit Analysis
, Don't know?
4 of 206
Definition
Which statement correctly distinguishes the uses of financial
accounting information from the uses of managerial accounting
information?
Give this one a try later!
A balance sheet portrays the financial condition of a company at a point in time.
This describes the elements and purposes of a balance sheet.
Because accounting involves making assumptions, estimates, and judgments
Financial accounting information is prepared according to a generally
accepted set of rules.
Financial accounting information is prepared according to GAAP.
Total sales
Examining trends over time of each line item as a percentage of sales helps an
accountant determine how the company is performing relative to other
companies in the industry.
Don't know?
, 5 of 206
Definition
What is the purpose of the notes to the financial statements?
Give this one a try later!
The notes present the
The notes provide a summary of the
assumptions needed to help
company's financial goals.
explain financial statements.
The notes detail the company's The notes list the company's
operational procedures. marketing strategies.
Don't know?
6 of 206
Definition
Which type of account is inventory?
Give this one a try later!
Revenue Asset
Budget Expense
Don't know?
