C213 WGU OA PREP | COMPREHENSIVE
ACCOUNTING EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Which of the following ratios is used to measure the profit Return on Equity
earned on each dollar invested in a firm?
2 multiple choice options
The emphasis in financial accounting is on which of the Investors and creditors
following external user groups? 2 multiple choice options
The primary internal group that uses accounting information is Management
2 multiple choice options
Internal reports are generally used by Management
3 multiple choice options
Which of the following is NOT an external user of financial Management
information? 3 multiple choice options
Which of the following is NOT true of the Financial Accounting It is a government agency
Standards Board (FASB)?
Generally accepted accounting principles are Developed by accounting rule makers
2 multiple choice options
The initials GAAP stand for Generally Accepted Accounting Principles
2 multiple choice options
The current standard-setting board for accounting in the Financial Accounting Standards Board (FASB)
private sector is the
2 multiple choice options
The organization that develops worldwide accounting International Accounting Standards Board (IASB)
standards is the 2 multiple choice options
The initials CPA stand for Certified Public Accountant
2 multiple choice options
, Which of the following is NOT a service typically provided by Making management decisions
large public accounting firms?
3 multiple choice options
Standards established by the International Accounting International Financial Reporting Standards
Standards Board are referred to as 3 multiple choice options
Which of the following is the government agency that Internal Revenue Service
stipulates the rules and regulations that govern the collection 3 multiple choice options
of taxes in the United States?
Which of the following is NOT a reason for the integration of the theoretical necessity of a common set of accounting standards
worldwide accounting standards?
3 multiple choice options
The International Accounting Standards Board (IASB) is True
charged with developing worldwide accounting practices?
1 multiple choice option
With the current state of information technology, investors False
outside a company are now allowed access to a company's
1 multiple choice option
internal database of financial information and do their own
customized analysis of a firm's performance.
Increased federal oversight of the audit process resulted from Sarbanes-Oxley Act
the passage of the following act of Congress - 3 multiple choice options
A borrower benefits from providing financial information True
regarding income and expenses in the form of a lower interest
1 multiple choice option
rate on the loan because of reduced uncertainty for the
lender with regard to repayment.
Which of the following is NOT one of the three primary The Statement of Retained Earnings
financial statements?
3 multiple choice options
One reason for a company's preparing and providing financial True
statements is to reduce uncertainty for an investor regarding 1 multiple choice option
the firm's future financial performance.
ACCOUNTING EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Which of the following ratios is used to measure the profit Return on Equity
earned on each dollar invested in a firm?
2 multiple choice options
The emphasis in financial accounting is on which of the Investors and creditors
following external user groups? 2 multiple choice options
The primary internal group that uses accounting information is Management
2 multiple choice options
Internal reports are generally used by Management
3 multiple choice options
Which of the following is NOT an external user of financial Management
information? 3 multiple choice options
Which of the following is NOT true of the Financial Accounting It is a government agency
Standards Board (FASB)?
Generally accepted accounting principles are Developed by accounting rule makers
2 multiple choice options
The initials GAAP stand for Generally Accepted Accounting Principles
2 multiple choice options
The current standard-setting board for accounting in the Financial Accounting Standards Board (FASB)
private sector is the
2 multiple choice options
The organization that develops worldwide accounting International Accounting Standards Board (IASB)
standards is the 2 multiple choice options
The initials CPA stand for Certified Public Accountant
2 multiple choice options
, Which of the following is NOT a service typically provided by Making management decisions
large public accounting firms?
3 multiple choice options
Standards established by the International Accounting International Financial Reporting Standards
Standards Board are referred to as 3 multiple choice options
Which of the following is the government agency that Internal Revenue Service
stipulates the rules and regulations that govern the collection 3 multiple choice options
of taxes in the United States?
Which of the following is NOT a reason for the integration of the theoretical necessity of a common set of accounting standards
worldwide accounting standards?
3 multiple choice options
The International Accounting Standards Board (IASB) is True
charged with developing worldwide accounting practices?
1 multiple choice option
With the current state of information technology, investors False
outside a company are now allowed access to a company's
1 multiple choice option
internal database of financial information and do their own
customized analysis of a firm's performance.
Increased federal oversight of the audit process resulted from Sarbanes-Oxley Act
the passage of the following act of Congress - 3 multiple choice options
A borrower benefits from providing financial information True
regarding income and expenses in the form of a lower interest
1 multiple choice option
rate on the loan because of reduced uncertainty for the
lender with regard to repayment.
Which of the following is NOT one of the three primary The Statement of Retained Earnings
financial statements?
3 multiple choice options
One reason for a company's preparing and providing financial True
statements is to reduce uncertainty for an investor regarding 1 multiple choice option
the firm's future financial performance.
