WGU - D774 Pre-assessment
with correct questions and
answers
usr
[COMPANY NAME] [Company address]
, 1. Ancient Mesopotamia Answer: Which ancient civilization dates to the early development of
accounting?
2. 1929 Answer: Which year is associated with the stock market crash?
3. Sarbanes-Oxley Act Answer: Regulatory outcome of Enron/WorldCom/Tyco scandals?
4. Financial accounting Answer: External reporting
5. Managerial accounting Answer: Internal decision-making
6. Focus of managerial accounting Answer: Improving future results using past
performance
7. Financial accounting characteristic for annual reports Answer: Includes
monetary & nonmonetary information
8. SEC Answer: Which federal agency oversees stock market filings?
9. FASB Answer: Organization that sets GAAP standards?
10. PCAOB Answer: Purpose of PCAOB?
11. Big Four Answer: Best audit firm type for a multinational public company?
12. Income statement formula Answer: Revenues − Expenses
13. Operating expense Answer: Day-to-day operational costs not directly tied to selling
14. General & administrative expenses Answer: Rent expense category?
15. Income statement Answer: Which statement reports profit/loss on accrual?
16. Income statement handling Answer: Categorizes revenue into operating & non-
operating
17. $500 product sale Answer: Goes to Revenue
18. $10,000 cake sales Answer: Where does it appear? Revenue
19. Income decrease while revenue increases Answer: Higher expenses
ottset revenue
20. High revenue but low net income Answer: Expenses reduced profitability
21. Multiple-step income statement Answer: Which statement shows gross
margin?
22. Balance sheet Answer: Which statement shows amounts owed to suppliers?
23. Long-term assets total Answer: $130,000
24. Sales cash on balance sheet Answer: Goes to Assets
25. Legal protection for software program Answer: Patent
26. Brand name/logo classification Answer: Intangible asset
27. Owners' equity balance Answer: $2,500,000
28. Paying accounts payable Answer: Liability decreases
2/
6
with correct questions and
answers
usr
[COMPANY NAME] [Company address]
, 1. Ancient Mesopotamia Answer: Which ancient civilization dates to the early development of
accounting?
2. 1929 Answer: Which year is associated with the stock market crash?
3. Sarbanes-Oxley Act Answer: Regulatory outcome of Enron/WorldCom/Tyco scandals?
4. Financial accounting Answer: External reporting
5. Managerial accounting Answer: Internal decision-making
6. Focus of managerial accounting Answer: Improving future results using past
performance
7. Financial accounting characteristic for annual reports Answer: Includes
monetary & nonmonetary information
8. SEC Answer: Which federal agency oversees stock market filings?
9. FASB Answer: Organization that sets GAAP standards?
10. PCAOB Answer: Purpose of PCAOB?
11. Big Four Answer: Best audit firm type for a multinational public company?
12. Income statement formula Answer: Revenues − Expenses
13. Operating expense Answer: Day-to-day operational costs not directly tied to selling
14. General & administrative expenses Answer: Rent expense category?
15. Income statement Answer: Which statement reports profit/loss on accrual?
16. Income statement handling Answer: Categorizes revenue into operating & non-
operating
17. $500 product sale Answer: Goes to Revenue
18. $10,000 cake sales Answer: Where does it appear? Revenue
19. Income decrease while revenue increases Answer: Higher expenses
ottset revenue
20. High revenue but low net income Answer: Expenses reduced profitability
21. Multiple-step income statement Answer: Which statement shows gross
margin?
22. Balance sheet Answer: Which statement shows amounts owed to suppliers?
23. Long-term assets total Answer: $130,000
24. Sales cash on balance sheet Answer: Goes to Assets
25. Legal protection for software program Answer: Patent
26. Brand name/logo classification Answer: Intangible asset
27. Owners' equity balance Answer: $2,500,000
28. Paying accounts payable Answer: Liability decreases
2/
6
