WGU D196- Principles of Financial and Managerial
Accounting Practice Exams 2024-2025
bookkeeping - ANS-day to day keeping of transcations
steps of decision making - ANS-identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - ANS-analysis of events
record and report financial effects of business activities
where does capital come from (3) - ANS-investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - ANS-financial and managerial
managerial accounting - ANS-gather and analysis of information for internal use and decision making.
financial accounting - ANS-gather, report, analysis of information for external users- investors and
creditors. summary of a business
1
,what does managerial accounting review - ANS-product cost, breakeven analysis, budgeting,
performance analysis, outsource production
what does financial accounting review - ANS-credit analysis, financial health, estimate value of the
company
examples of external financial reports for financial accounting - ANS-annual report, financial statement,
balance sheet, income statement, statement of cash flow
balance sheet - ANS-reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - ANS-how much did you ,ake
period of time - from nov to jan
statement of cash flow - ANS-where did the cash come from and where did the cash go
period of time - from nov to jan
lender - ANS-lends money with intend to get it back plus interest. need current income, existing
obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts
investor - ANS-buys into your company. looks at if the business is profitable, what they are buying,
buying obligations, potential future projections
what forms will the manager of a business use - ANS-both financial and managerial
fasb- what does it stand for, who are they and what do they do - ANS-financial accounting standards
board
2
, private group, not govt agency, no legal authority, conducted of people from a variety of business
related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - ANS-governmental accounting standards
board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - ANS-generally accepted accounting principles
sec - ANS-Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly traded
companies.
legal punishment
iasb - ANS-International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - ANS-american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
3
Accounting Practice Exams 2024-2025
bookkeeping - ANS-day to day keeping of transcations
steps of decision making - ANS-identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - ANS-analysis of events
record and report financial effects of business activities
where does capital come from (3) - ANS-investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - ANS-financial and managerial
managerial accounting - ANS-gather and analysis of information for internal use and decision making.
financial accounting - ANS-gather, report, analysis of information for external users- investors and
creditors. summary of a business
1
,what does managerial accounting review - ANS-product cost, breakeven analysis, budgeting,
performance analysis, outsource production
what does financial accounting review - ANS-credit analysis, financial health, estimate value of the
company
examples of external financial reports for financial accounting - ANS-annual report, financial statement,
balance sheet, income statement, statement of cash flow
balance sheet - ANS-reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - ANS-how much did you ,ake
period of time - from nov to jan
statement of cash flow - ANS-where did the cash come from and where did the cash go
period of time - from nov to jan
lender - ANS-lends money with intend to get it back plus interest. need current income, existing
obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts
investor - ANS-buys into your company. looks at if the business is profitable, what they are buying,
buying obligations, potential future projections
what forms will the manager of a business use - ANS-both financial and managerial
fasb- what does it stand for, who are they and what do they do - ANS-financial accounting standards
board
2
, private group, not govt agency, no legal authority, conducted of people from a variety of business
related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - ANS-governmental accounting standards
board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - ANS-generally accepted accounting principles
sec - ANS-Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly traded
companies.
legal punishment
iasb - ANS-International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - ANS-american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
3
