WGU - D774 Pre-assessment 2 EXAM fully solved & updated (latest version
verified for accuracy) (Questions + Answers) Solved 100% Correct!!
Historical period of increased accounting importance - (ANSWER)The Industrial Revolution
Effect of Sarbanes-Oxley Act of 2002 - (ANSWER)It increased corporate responsibility.
Using corporate credit card for personal expenses - (ANSWER)Fraud
Purpose of financial accounting - (ANSWER)Provides historical financial data in standardized reports for
external stakeholders
Feature of managerial accounting reports - (ANSWER)Tailored to meet internal decision-makers' needs
Statement describing managerial accounting reports - (ANSWER)Prepared for internal decision-making
needs of management
SEC role in accounting standards - (ANSWER)Enforces financial reporting rules established by the FASB
Certification to offer auditing/tax services - (ANSWER)CPA
Auditor buying stock in a company they audit - (ANSWER)Violates independence and objectivity
Who oversees and maintains internal controls - (ANSWER)Management
Manufacturing expense category on income statement - (ANSWER)Cost of goods sold
Interpretation of net income - (ANSWER)Revenues are greater than expenses
, WGU - D774 Pre-assessment 2 EXAM fully solved & updated (latest version
verified for accuracy) (Questions + Answers) Solved 100% Correct!!
Limitation of accrual accounting - (ANSWER)May not reflect actual cash flow
Effect of favorable volume variance - (ANSWER)Increases revenue and cost of goods sold
Category for wages of store employees - (ANSWER)Cost of goods sold
Which statement tracks actual cash movement - (ANSWER)Statement of cash flows
How to report flea market finds on balance sheet - (ANSWER)Assets
Trend shown by comparative income statements - (ANSWER)Changes in profitability over time
Why is net income lower than revenue - (ANSWER)Expenses reduce total amount earned
Why positive net income but low cash - (ANSWER)Non-cash expenses & accrual accounting impact cash
flow
Why $100k revenue but $85k receipts - (ANSWER)Customers have not yet paid
Limitation of the balance sheet - (ANSWER)Does not include future performance
Stock issuance increases which equity category - (ANSWER)Paid-in capital
Why are raw materials assets - (ANSWER)They have future economic value
verified for accuracy) (Questions + Answers) Solved 100% Correct!!
Historical period of increased accounting importance - (ANSWER)The Industrial Revolution
Effect of Sarbanes-Oxley Act of 2002 - (ANSWER)It increased corporate responsibility.
Using corporate credit card for personal expenses - (ANSWER)Fraud
Purpose of financial accounting - (ANSWER)Provides historical financial data in standardized reports for
external stakeholders
Feature of managerial accounting reports - (ANSWER)Tailored to meet internal decision-makers' needs
Statement describing managerial accounting reports - (ANSWER)Prepared for internal decision-making
needs of management
SEC role in accounting standards - (ANSWER)Enforces financial reporting rules established by the FASB
Certification to offer auditing/tax services - (ANSWER)CPA
Auditor buying stock in a company they audit - (ANSWER)Violates independence and objectivity
Who oversees and maintains internal controls - (ANSWER)Management
Manufacturing expense category on income statement - (ANSWER)Cost of goods sold
Interpretation of net income - (ANSWER)Revenues are greater than expenses
, WGU - D774 Pre-assessment 2 EXAM fully solved & updated (latest version
verified for accuracy) (Questions + Answers) Solved 100% Correct!!
Limitation of accrual accounting - (ANSWER)May not reflect actual cash flow
Effect of favorable volume variance - (ANSWER)Increases revenue and cost of goods sold
Category for wages of store employees - (ANSWER)Cost of goods sold
Which statement tracks actual cash movement - (ANSWER)Statement of cash flows
How to report flea market finds on balance sheet - (ANSWER)Assets
Trend shown by comparative income statements - (ANSWER)Changes in profitability over time
Why is net income lower than revenue - (ANSWER)Expenses reduce total amount earned
Why positive net income but low cash - (ANSWER)Non-cash expenses & accrual accounting impact cash
flow
Why $100k revenue but $85k receipts - (ANSWER)Customers have not yet paid
Limitation of the balance sheet - (ANSWER)Does not include future performance
Stock issuance increases which equity category - (ANSWER)Paid-in capital
Why are raw materials assets - (ANSWER)They have future economic value
