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WGU - D196 - Principles of Financial and Managerial
Accounting (Excel Focus) Exam ||Verified Exam!!||
Most Recent Exam Actual Complete Real Exam
Questions And Correct Answers (Verified
Answers)||Newest Exam!!!
Which group establishes financial accounting rules in the
United States?
Internal Revenue Service (IRS)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
American Institute of Certified Public Accountants (AICPA)
- Answer-Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial
statements?
Statement of management accounting
Statement of the accounting cycle
Statement of stakeholder funds
Statement of cash flows - Answer-Statement of cash flows
A company paid $5,000 cash in advertising costs.
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How does this transaction affect the paying company's
accounting equation?
Assets decrease by $5,000; liabilities increase by $5,000.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues 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
A type of commonly used accounting software
A category of merchandiser or retailer
An example of an online business document - Answer-Two
parties exchanging something of value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation
of the borrowing company?
Assets increase by $80,000; liabilities increase by
$80,000.
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Assets increase by $80,000; owners' equity increases by
$80,000.
Assets increase by $80,000; liabilities decrease by
$80,000.
Assets increase by $80,000; revenues increase by
$80,000. - Answer-Assets increase by $80,000; liabilities
increase by $80,000.
What is an example of direct materials?
Cost of robotic equipment in making automobiles
Cost of sandpaper in making wood furniture
Cost of saws and hammers in constructing a house
Cost of aluminum in making an airplane - Answer-Cost of
aluminum in making an airplane
What is the effect of a company's accounting department
maintaining high ethical standards?
The company can hire fewer accountants to do the same
amount of work.
The company can report more favorable results in its
financial statements.
The company's accounting information will increase in
value.
WGU - D196 - Principles of Financial and Managerial
Accounting (Excel Focus) Exam ||Verified Exam!!||
Most Recent Exam Actual Complete Real Exam
Questions And Correct Answers (Verified
Answers)||Newest Exam!!!
Which group establishes financial accounting rules in the
United States?
Internal Revenue Service (IRS)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
American Institute of Certified Public Accountants (AICPA)
- Answer-Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial
statements?
Statement of management accounting
Statement of the accounting cycle
Statement of stakeholder funds
Statement of cash flows - Answer-Statement of cash flows
A company paid $5,000 cash in advertising costs.
,2|Page
How does this transaction affect the paying company's
accounting equation?
Assets decrease by $5,000; liabilities increase by $5,000.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues 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
A type of commonly used accounting software
A category of merchandiser or retailer
An example of an online business document - Answer-Two
parties exchanging something of value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation
of the borrowing company?
Assets increase by $80,000; liabilities increase by
$80,000.
, 3|Page
Assets increase by $80,000; owners' equity increases by
$80,000.
Assets increase by $80,000; liabilities decrease by
$80,000.
Assets increase by $80,000; revenues increase by
$80,000. - Answer-Assets increase by $80,000; liabilities
increase by $80,000.
What is an example of direct materials?
Cost of robotic equipment in making automobiles
Cost of sandpaper in making wood furniture
Cost of saws and hammers in constructing a house
Cost of aluminum in making an airplane - Answer-Cost of
aluminum in making an airplane
What is the effect of a company's accounting department
maintaining high ethical standards?
The company can hire fewer accountants to do the same
amount of work.
The company can report more favorable results in its
financial statements.
The company's accounting information will increase in
value.
