WGU D196 Pre-Assessment Questions and Answers with Verified Solutions

WGU D196 Pre-Assessment Questions and Answers with Verified Solutions What is the effect of a company's accounting department maintaining high ethical standards? -The company can report more favorable results in its financial statements. -The company's accounting information will decrease in value. -The company can hire fewer accountants to do the same amount of work. -The company's accounting information will increase in value. - Answer ️️ -The company's accounting information will increase in value. Why might employees be interested in their company's financial accounting information? -Financial statement data are used to record long term liabilities. -Financial statement data provide detailed internal budget information. -Financial statement data are often used in determining employee bonuses. -Financial statement data provide item-by-item product cost information. - Answer ️️ - Financial statement data are often used in determining employee bonuses. Which group establishes financial accounting rules in the United States? -Internal Revenue Service (IRS) -American Institute of Certified Public Accountants (AICPA) -Financial Accounting Standards Board (FASB) -International Accounting Standards Board (IASB) - Answer ️️ -Financial Accounting Standards Board (FASB) Which report is one of the three primary financial statements? -Statement of stakeholder funds -Statement of cash flows -Statement of the accounting cycle -Statement of management accounting - Answer ️️ -Statement of cash flows A company paid $5,000 cash in advertising costs.