WGU D774 Introduction to Business Accounting
Questions and Answers (2026/2027) | Updated
Review | A+ Verified
• Accounting . CORRECT ANSWER: The process of recording, classifying, and
summarizing financial transactions.
• Managerial Accounting . CORRECT ANSWER: Supports internal operations
through planning, budgeting, and performance analysis.
• Auditors . CORRECT ANSWER: Help prevent fraud by reviewing financial
records and assessing internal controls.
• Internal Controls . CORRECT ANSWER: Protect business assets, ensure
accurate reporting, and reduce financial risk.
• Sarbanes-Oxley Act (SOX) . CORRECT ANSWER: Introduced stricter reporting
standards and auditor independence rules following financial scandals.
• Income Statement . CORRECT ANSWER: Shows whether a business earned a
profit or incurred a loss by comparing revenues and expenses.
• Revenue . CORRECT ANSWER: Represents income from business operations.
• Expenses . CORRECT ANSWER: Reflect the costs of running a business,
including wages, rent, and materials.
• Owner's Equity . CORRECT ANSWER: Represents the owner's financial stake in
the business.
Questions and Answers (2026/2027) | Updated
Review | A+ Verified
• Accounting . CORRECT ANSWER: The process of recording, classifying, and
summarizing financial transactions.
• Managerial Accounting . CORRECT ANSWER: Supports internal operations
through planning, budgeting, and performance analysis.
• Auditors . CORRECT ANSWER: Help prevent fraud by reviewing financial
records and assessing internal controls.
• Internal Controls . CORRECT ANSWER: Protect business assets, ensure
accurate reporting, and reduce financial risk.
• Sarbanes-Oxley Act (SOX) . CORRECT ANSWER: Introduced stricter reporting
standards and auditor independence rules following financial scandals.
• Income Statement . CORRECT ANSWER: Shows whether a business earned a
profit or incurred a loss by comparing revenues and expenses.
• Revenue . CORRECT ANSWER: Represents income from business operations.
• Expenses . CORRECT ANSWER: Reflect the costs of running a business,
including wages, rent, and materials.
• Owner's Equity . CORRECT ANSWER: Represents the owner's financial stake in
the business.
