D774/ WGU D774 EXAM 2025 ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {80 Q & A} ALREADY GRADED A+ / WGU D774 OA
INTRODUCTION TO BUSINESS ACCOUNTING | GUARANTEED
PASS | INTRODUCTION TO BUSINESS ACCOUNTING – D774 OA
EXAM | WGU
What is GAAP?
The set of accounting rules established by the FASB
What is the purpose of the Financial Accounting Standards Board
(FASB)?
The FASB is the designated organization for establishing standards for
financial accounting that govern the preparation of financial reports.
Which group oversees the FASB in the making of U.S. financial reporting
standards?
SEC
,The SEC requires specific reports to be filed by each company that is
traded on a U.S. stock exchange. What is contained in SEC Form 8-K?
Timely disclosure of significant corporate events
The shareholders of a company elect the company's
Board of Directors, usually 7-12 individuals who provide oversight of
the company's executives and guidance and help to the executives.
The board of directors hires the CEO (the top officer in a company;
sometimes called the president). The CEO, with the board's approval,
hires
the vice presidents and other executives of the company. The CEO and
their direct reports comprise the top management team of the
company.
What is a corporation?
A corporation is an organization that combines resources, skills,
capital, labor, and knowledge to provide goods and services to a
, market in pursuit of profit. It is a legal entity that is separate and
distinct from its owners.
Corporations pay separate ___ and have separate ___ status
taxes and legal
One disadvantage of a corporation is that its
profit is taxed to the corporation when earned and then is taxed to
the shareholders when distributed as dividends. This creates a double
tax.
The corporation does not get a tax deduction when it
distributes dividends to shareholders.
Shareholders cannot deduct any
corporate losses on their personal tax returns.
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {80 Q & A} ALREADY GRADED A+ / WGU D774 OA
INTRODUCTION TO BUSINESS ACCOUNTING | GUARANTEED
PASS | INTRODUCTION TO BUSINESS ACCOUNTING – D774 OA
EXAM | WGU
What is GAAP?
The set of accounting rules established by the FASB
What is the purpose of the Financial Accounting Standards Board
(FASB)?
The FASB is the designated organization for establishing standards for
financial accounting that govern the preparation of financial reports.
Which group oversees the FASB in the making of U.S. financial reporting
standards?
SEC
,The SEC requires specific reports to be filed by each company that is
traded on a U.S. stock exchange. What is contained in SEC Form 8-K?
Timely disclosure of significant corporate events
The shareholders of a company elect the company's
Board of Directors, usually 7-12 individuals who provide oversight of
the company's executives and guidance and help to the executives.
The board of directors hires the CEO (the top officer in a company;
sometimes called the president). The CEO, with the board's approval,
hires
the vice presidents and other executives of the company. The CEO and
their direct reports comprise the top management team of the
company.
What is a corporation?
A corporation is an organization that combines resources, skills,
capital, labor, and knowledge to provide goods and services to a
, market in pursuit of profit. It is a legal entity that is separate and
distinct from its owners.
Corporations pay separate ___ and have separate ___ status
taxes and legal
One disadvantage of a corporation is that its
profit is taxed to the corporation when earned and then is taxed to
the shareholders when distributed as dividends. This creates a double
tax.
The corporation does not get a tax deduction when it
distributes dividends to shareholders.
Shareholders cannot deduct any
corporate losses on their personal tax returns.
