WGU D774 Intro to Business Accounting Exam Questions and Correct Answers 100%
Verified Graded A+
Accounting - The process of recording, classifying, and summarizing financial
transactions.
Managerial Accounting - Supports internal operations through planning, budgeting, and
performance analysis.
Auditors - Help prevent fraud by reviewing financial records and assessing internal
controls.
Internal Controls - Protect business assets, ensure accurate reporting, and reduce financial
risk.
Sarbanes-Oxley Act (SOX) - Introduced stricter reporting standards and auditor
independence rules following financial scandals.
Income Statement - Shows whether a business earned a profit or incurred a loss by
comparing revenues and expenses.
Revenue - Represents income from business operations.
Expenses - Reflect the costs of running a business, including wages, rent, and materials.
Verified Graded A+
Accounting - The process of recording, classifying, and summarizing financial
transactions.
Managerial Accounting - Supports internal operations through planning, budgeting, and
performance analysis.
Auditors - Help prevent fraud by reviewing financial records and assessing internal
controls.
Internal Controls - Protect business assets, ensure accurate reporting, and reduce financial
risk.
Sarbanes-Oxley Act (SOX) - Introduced stricter reporting standards and auditor
independence rules following financial scandals.
Income Statement - Shows whether a business earned a profit or incurred a loss by
comparing revenues and expenses.
Revenue - Represents income from business operations.
Expenses - Reflect the costs of running a business, including wages, rent, and materials.
