D196 WGU ACTUAL EXAM 2026/2027 COMPLETE
ACCURATE EXAM REAL QUESTIONS AND CORRECT
VERIFIED ANSWERS WITH DETALED RATIONALES
(100% CORRECT VERIFIED ANSWERS)
CURRENTLY UPDATED VERSION 2026 EDITION
|GUARANTEED PASS A+
Why might employees be interested in their company's financial
accounting information?
Financial statement data are used to record long term liabilities.
Financial statement data provide item-by-item product cost
information.
Financial statement data provide detailed internal budget
information.
Financial statement data are often used in determining employee
bonuses.
Financial statement data are often used in determining employee
bonuses.
Which group establishes financial accounting rules in the United
States?
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Internal Revenue Service (IRS)
Financial Accounting Standards Board (FASB)
,Which report is one of the three primary financial statements?
Statement of the accounting cycle
Statement of management accounting
Statement of cash flows
Statement of stakeholder funds
Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting
equation?
Assets decrease by $5,000; expenses increase by $5,000.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues increase by $5,000.
Assets decrease by $5,000; liabilities increase by $5,000.
Assets decrease by $5,000; expenses increase by $5,000.
What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
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; owners' equity increases by $80,000.
Assets increase by $80,000; liabilities decrease by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
Assets increase by $80,000; revenues increase by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
What is the impact of expenses on the accounting equation?
Expenses increase owners' equity.
Expenses decrease liabilities.
Expenses decrease owners' equity.
Expenses increase liabilities.
Expenses decrease owners' equity.
Which type of account are accounts payable and notes payable
both examples of?
Liability
Asset
Expense
Equity
Liability
ACCURATE EXAM REAL QUESTIONS AND CORRECT
VERIFIED ANSWERS WITH DETALED RATIONALES
(100% CORRECT VERIFIED ANSWERS)
CURRENTLY UPDATED VERSION 2026 EDITION
|GUARANTEED PASS A+
Why might employees be interested in their company's financial
accounting information?
Financial statement data are used to record long term liabilities.
Financial statement data provide item-by-item product cost
information.
Financial statement data provide detailed internal budget
information.
Financial statement data are often used in determining employee
bonuses.
Financial statement data are often used in determining employee
bonuses.
Which group establishes financial accounting rules in the United
States?
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Internal Revenue Service (IRS)
Financial Accounting Standards Board (FASB)
,Which report is one of the three primary financial statements?
Statement of the accounting cycle
Statement of management accounting
Statement of cash flows
Statement of stakeholder funds
Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting
equation?
Assets decrease by $5,000; expenses increase by $5,000.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues increase by $5,000.
Assets decrease by $5,000; liabilities increase by $5,000.
Assets decrease by $5,000; expenses increase by $5,000.
What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
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; owners' equity increases by $80,000.
Assets increase by $80,000; liabilities decrease by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
Assets increase by $80,000; revenues increase by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
What is the impact of expenses on the accounting equation?
Expenses increase owners' equity.
Expenses decrease liabilities.
Expenses decrease owners' equity.
Expenses increase liabilities.
Expenses decrease owners' equity.
Which type of account are accounts payable and notes payable
both examples of?
Liability
Asset
Expense
Equity
Liability
