WGU D196 Pre-Assessment (2026) (TESTING
EXAM QUESTIONS) AND VERIFIED ANSWERS
(MULTIPLE CHOICES) ||A+ GRADED |100%
CORRECT!!
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Terms in this set (56)
What is the effect of a company's The company's accounting information will
accounting department maintaining increase in value.
high ethical standards?
Why might employees be Financial statement data are often used in
interested in their company's determining employee bonuses.
financial accounting information?
Which group establishes financial Financial Accounting Standards Board (FASB)
accounting rules in the United
States?
Which report is one of the three Statement of cash flows
primary financial statements?
, A company paid $5,000 cash in Assets decrease by $5,000; expenses increase by
advertising costs. $5,000.
How does this transaction affect the
paying company's accounting
equation?
What is a transaction? Two parties exchanging something of value
A company borrowed $80,000 cash Expenses decrease owners' equity.
from a bank.
How does this transaction affect the
accounting equation of the
borrowing company?
What is the impact of expenses on Expenses decrease owners' equity.
the accounting equation?
Which type of account are Liability
accounts payable and notes
payable both examples of?
What is the purpose of the financial To turn information about transactions into
accounting cycle? financial statements
According to the accounting Assets
equation, the amount of liabilities
and equity must always be equal to
another amount.
What is that other amount?
Which item is an expense item? Cost of goods sold
How is gross profit computed? Sales minus cost of goods sold
EXAM QUESTIONS) AND VERIFIED ANSWERS
(MULTIPLE CHOICES) ||A+ GRADED |100%
CORRECT!!
Save
Terms in this set (56)
What is the effect of a company's The company's accounting information will
accounting department maintaining increase in value.
high ethical standards?
Why might employees be Financial statement data are often used in
interested in their company's determining employee bonuses.
financial accounting information?
Which group establishes financial Financial Accounting Standards Board (FASB)
accounting rules in the United
States?
Which report is one of the three Statement of cash flows
primary financial statements?
, A company paid $5,000 cash in Assets decrease by $5,000; expenses increase by
advertising costs. $5,000.
How does this transaction affect the
paying company's accounting
equation?
What is a transaction? Two parties exchanging something of value
A company borrowed $80,000 cash Expenses decrease owners' equity.
from a bank.
How does this transaction affect the
accounting equation of the
borrowing company?
What is the impact of expenses on Expenses decrease owners' equity.
the accounting equation?
Which type of account are Liability
accounts payable and notes
payable both examples of?
What is the purpose of the financial To turn information about transactions into
accounting cycle? financial statements
According to the accounting Assets
equation, the amount of liabilities
and equity must always be equal to
another amount.
What is that other amount?
Which item is an expense item? Cost of goods sold
How is gross profit computed? Sales minus cost of goods sold
