WGU D196 OBJECTIVE ASSESSMENT FINAL
REVIEW QUESTIONS WITH CORRECT ANSWERS
D196 Objective Assessment Final Review
Why would employees want to know their company's financial accounting
information?
Financial statement data are frequently used in determining employee bonuses.
Which organization does the United States use to formulate its financial
accounting rules?
Financial Accounting Standards Board FASB
Which of the following type of account(s) are accounts payable and notes
payable examples?
Liability
What is the objective of the financial accounting cycle?
To convert information about transactions into financial statements
How does one compute the gross profit?
sales - cost of goods sold = gross profit
For purposes of cash flow classification in the statement of cash flows, which
item is an operating activity?
Paying employees
REVIEW QUESTIONS WITH CORRECT ANSWERS
D196 Objective Assessment Final Review
Why would employees want to know their company's financial accounting
information?
Financial statement data are frequently used in determining employee bonuses.
Which organization does the United States use to formulate its financial
accounting rules?
Financial Accounting Standards Board FASB
Which of the following type of account(s) are accounts payable and notes
payable examples?
Liability
What is the objective of the financial accounting cycle?
To convert information about transactions into financial statements
How does one compute the gross profit?
sales - cost of goods sold = gross profit
For purposes of cash flow classification in the statement of cash flows, which
item is an operating activity?
Paying employees
