WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
1. The emphasis in financial accounting is on Financial
which of the following external user Accounting
groups? Standards
Board
Management (FASB)?
Educators
Investors and creditors
Certified public accountants
2. The primary internal group that uses
accounting in-formation is
Management
Government
agencies Investors
Competitors
3. Internal reports are generally used
by Management
Lenders
Suppliers
Employees
4. Which of the following is NOT an external
user of financial information?
Customers
Suppliers
Management
Competitors
5. Which of the following is NOT true of the
1/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
Investors and creditors
Management
Management
Management
It is a government agency
2/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
It seeks consistency for its proposed standards
It has no legal power to enforce the standards
it sets It is a government agency
It consists of seven full-time members
6. Generally accepted accounting principles are Developed by
accounting rule
Natural laws
makers
Based on scientific proofs
Developed by accounting rule
makers None of these are correct
7. The initials GAAP stand for
Generally Accepted Accounting Practices Generally Accepted
Generally Accepted Accounting Principles Ac-counting
General Accounting Administration Practices Principles
Generally Applied Accounting Procedures
8. The current standard-setting board for
accounting in the private sector is the
Securities and Exchange Commission (SEC) Financial Accounting
International Accounting Standards Board Standards Board
(IASB) American Accounting Association (AAA) (FASB)
Financial Accounting Standards Board (FASB)
9. Which of the following organizations has specific legal Securities and
Exchange
authority to establish accounting standards for American
pub-licly held companies? Institute of
Certified
Securities and Exchange Commission (SEC)
3/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
Public Accountants Commission (SEC)
4/
118
MAKERS) QUESTIONS & ANSWERS PASSED
1. The emphasis in financial accounting is on Financial
which of the following external user Accounting
groups? Standards
Board
Management (FASB)?
Educators
Investors and creditors
Certified public accountants
2. The primary internal group that uses
accounting in-formation is
Management
Government
agencies Investors
Competitors
3. Internal reports are generally used
by Management
Lenders
Suppliers
Employees
4. Which of the following is NOT an external
user of financial information?
Customers
Suppliers
Management
Competitors
5. Which of the following is NOT true of the
1/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
Investors and creditors
Management
Management
Management
It is a government agency
2/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
It seeks consistency for its proposed standards
It has no legal power to enforce the standards
it sets It is a government agency
It consists of seven full-time members
6. Generally accepted accounting principles are Developed by
accounting rule
Natural laws
makers
Based on scientific proofs
Developed by accounting rule
makers None of these are correct
7. The initials GAAP stand for
Generally Accepted Accounting Practices Generally Accepted
Generally Accepted Accounting Principles Ac-counting
General Accounting Administration Practices Principles
Generally Applied Accounting Procedures
8. The current standard-setting board for
accounting in the private sector is the
Securities and Exchange Commission (SEC) Financial Accounting
International Accounting Standards Board Standards Board
(IASB) American Accounting Association (AAA) (FASB)
Financial Accounting Standards Board (FASB)
9. Which of the following organizations has specific legal Securities and
Exchange
authority to establish accounting standards for American
pub-licly held companies? Institute of
Certified
Securities and Exchange Commission (SEC)
3/
118
,WGU - C213- ACCOUNTING FOR MBAS (DECISION
MAKERS) QUESTIONS & ANSWERS PASSED
Public Accountants Commission (SEC)
4/
118
