d196 - study set wgu ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
Accounting plays a vital role in the decision-making Identify the issues
process. Which action is the first step in the decision-
making process.
The money that a company needs to buy its land, pay its Investors, creditors, and retained business earnings.
employees, and buy its supplies is called capital. What
are the potential sources of capital for a business.
Accountants measure and communicate the results of True
business activities.
Which primary area of accounting generates reports for Management accounting
internal users.
Which group use financial information to evaluate Lenders
whether a company will be able to repay a loan.
, Which of the primary financial statements reports the Balance sheet
resources, obligations, and owner's equity of a company
What is the role of the IASB regulating accounting Establish international accounting standards
standards
What group of people make up the FASB People from a variety of business-related backgrounds
What is the role of the GASB in setting accounting The GSAB is a private-sector organization the establishes accounting and financial
standards reporting standards for the U.S. state and local governments
In what way do accountants have an economic incentive The value of the information produced by accountants is related to the
to conduct themselves ethically confidence that users have in the reliability of that information
How is it possible for an accountant to intentionally There is flexibility inherent in the assumptions underlying the preparation of
deceive financial statement users and still technically be financial statements
in compliance with generally accepted accounting
principles (GAAP)
Your boss has approached you with a concerning letter The company has not filed its taxes in accordance to the law
from the IRS and ask you to explain the role of the IRS in
regulating accounting standards. Based on the role of the
IRS, what would be the problem detailed in the letter
Anika is considering investing in a tech company that is Financial reports
known for developing smart home appliances. Before
investing, Annika first wants to ensure that the companies
past performance has been satisfactory and that the
company manages its cash flows well. What type of
accounting information would provide this evidence for
Anika
Alliah company just released it's public accounting data Government agencies
for 2019. Which user of accounting information will
monitor this data to ensure that the company is providing
sufficient information for investors.
A new product line manager approaches the accounting Evaluation
department in order to understand the past performance
of the product line he has been asked to manage in the
future. Which role of accounting involves obtaining and
using financial information to determine the financial
health and performance of a business or product line?
Accounting plays a vital role in the decision-making Identify the issues
process. Which action is the first step in the decision-
making process.
The money that a company needs to buy its land, pay its Investors, creditors, and retained business earnings.
employees, and buy its supplies is called capital. What
are the potential sources of capital for a business.
Accountants measure and communicate the results of True
business activities.
Which primary area of accounting generates reports for Management accounting
internal users.
Which group use financial information to evaluate Lenders
whether a company will be able to repay a loan.
, Which of the primary financial statements reports the Balance sheet
resources, obligations, and owner's equity of a company
What is the role of the IASB regulating accounting Establish international accounting standards
standards
What group of people make up the FASB People from a variety of business-related backgrounds
What is the role of the GASB in setting accounting The GSAB is a private-sector organization the establishes accounting and financial
standards reporting standards for the U.S. state and local governments
In what way do accountants have an economic incentive The value of the information produced by accountants is related to the
to conduct themselves ethically confidence that users have in the reliability of that information
How is it possible for an accountant to intentionally There is flexibility inherent in the assumptions underlying the preparation of
deceive financial statement users and still technically be financial statements
in compliance with generally accepted accounting
principles (GAAP)
Your boss has approached you with a concerning letter The company has not filed its taxes in accordance to the law
from the IRS and ask you to explain the role of the IRS in
regulating accounting standards. Based on the role of the
IRS, what would be the problem detailed in the letter
Anika is considering investing in a tech company that is Financial reports
known for developing smart home appliances. Before
investing, Annika first wants to ensure that the companies
past performance has been satisfactory and that the
company manages its cash flows well. What type of
accounting information would provide this evidence for
Anika
Alliah company just released it's public accounting data Government agencies
for 2019. Which user of accounting information will
monitor this data to ensure that the company is providing
sufficient information for investors.
A new product line manager approaches the accounting Evaluation
department in order to understand the past performance
of the product line he has been asked to manage in the
future. Which role of accounting involves obtaining and
using financial information to determine the financial
health and performance of a business or product line?
