WGU d19 |Questions with 100% Correct Answers | Updated & Verified | 2024

What is a transaction? - Two parties exchanging something of value What is the effect of a company's accounting department maintaining high ethical standards? - 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 often used in determining employee bonuses. Which group establishes financial accounting rules in the United States? - financial Accounting Standards Board (FASB) Which report is one of the three primary financial statements? - Assets decrease by $5,000; expenses increase by $5,000 A company borrowed $80,000 cash from a bank. How does this transaction affect the accounting equation of the borrowing company? - Assets increase by $80,000; liabilities increase by $80,000. A company paid $5,000 cash in advertising costs. How does this transaction affect the paying company's accounting equation? - Assets decrease by $5,000; expenses increase by $5,000