WGU D774 INTRO TO BUSINESS ACCOUNTING QUESTIONS
WITH CORRECT DETAILED ANSWERS || 100% GUARANTEED
PASS RECENT VERSION
In which country was the double-entry accounting system
developed in the 15th century?
Italy
3 multiple choice options
Which major economic event followed soon after the Stock
Market Crash of 1929?
Great Depression
3 multiple choice options
Which economic event immediately preceded and led to the
passage of the Sarbanes-Oxley Act of 2002?
Dot-com bubble
3 multiple choice options
Why are there no standardized regulations relating to the
production of managerial accounting information?
Company managers can generate any information they want
to help them make better decisions, so no outside regulation
is needed.
3 multiple choice options
What is a common use of managerial accounting
information?
,Making better planning, operating, and evaluating decisions
inside a company
3 multiple choice options
Which report is one of the three primary financial
statements?
Income statement
3 multiple choice options
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
3 multiple choice options
Who selects a corporation’s board of directors?
Shareholders of the corporation
3 multiple choice options
What is an advantage of structuring a business as a
corporation?
Legal existence separated from that of the shareholders
3 multiple choice options
What is one of the characteristics of a corporation?
Ease of transfer of ownership
3 multiple choice options
What is contained in Securities and Exchange Commission
Form 10-K?
Annual audited financial statements
, 3 multiple choice options
Why would a company's employees be directly interested in
the company's income statement?
To assess the current profitability of the company, its
performance, and its liquidity
3 multiple choice options
Which information is contained in the reported amount of
net income?
The amount by which revenues exceed expenses
3 multiple choice options
Which measurement is highlighted in the multi-step format
for the income statement?
Operating income
3 multiple choice options
Which label refers to the costs of buying or making the
products a company sells?
Cost of sales
3 multiple choice options
Which item is listed first on the income statement?
Revenues
3 multiple choice options
Which item is reported in an income statement?
Revenues
WITH CORRECT DETAILED ANSWERS || 100% GUARANTEED
PASS RECENT VERSION
In which country was the double-entry accounting system
developed in the 15th century?
Italy
3 multiple choice options
Which major economic event followed soon after the Stock
Market Crash of 1929?
Great Depression
3 multiple choice options
Which economic event immediately preceded and led to the
passage of the Sarbanes-Oxley Act of 2002?
Dot-com bubble
3 multiple choice options
Why are there no standardized regulations relating to the
production of managerial accounting information?
Company managers can generate any information they want
to help them make better decisions, so no outside regulation
is needed.
3 multiple choice options
What is a common use of managerial accounting
information?
,Making better planning, operating, and evaluating decisions
inside a company
3 multiple choice options
Which report is one of the three primary financial
statements?
Income statement
3 multiple choice options
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
3 multiple choice options
Who selects a corporation’s board of directors?
Shareholders of the corporation
3 multiple choice options
What is an advantage of structuring a business as a
corporation?
Legal existence separated from that of the shareholders
3 multiple choice options
What is one of the characteristics of a corporation?
Ease of transfer of ownership
3 multiple choice options
What is contained in Securities and Exchange Commission
Form 10-K?
Annual audited financial statements
, 3 multiple choice options
Why would a company's employees be directly interested in
the company's income statement?
To assess the current profitability of the company, its
performance, and its liquidity
3 multiple choice options
Which information is contained in the reported amount of
net income?
The amount by which revenues exceed expenses
3 multiple choice options
Which measurement is highlighted in the multi-step format
for the income statement?
Operating income
3 multiple choice options
Which label refers to the costs of buying or making the
products a company sells?
Cost of sales
3 multiple choice options
Which item is listed first on the income statement?
Revenues
3 multiple choice options
Which item is reported in an income statement?
Revenues
