D196 WGU
The company's accounting information will increase in value. - answers✔✔What is the effect of a
company's accounting department maintaining high ethical standards?
The company can hire fewer accountants to do the same amount of work.
The company's accounting information will decrease in value.
The company can report more favorable results in its financial statements.
The company's accounting information will increase in value.
Financial statement data are often used in determining employee bonuses. - answers✔✔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 item-by-item product cost information.
Financial statement data provide detailed internal budget information.
Financial statement data are often used in determining employee bonuses.
Financial Accounting Standards Board (FASB) - answers✔✔Which group establishes financial accounting
rules in the United States?
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Internal Revenue Service (IRS)
Statement of cash flows - answers✔✔Which report is one of the three primary financial statements?
Statement of the accounting cycle
Statement of management accounting
Statement of cash flows
Statement of stakeholder funds
, Assets decrease by $5,000; expenses increase by $5,000. - answers✔✔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.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues increase by $5,000.
Assets decrease by $5,000; liabilities increase by $5,000.
Two parties exchanging something of value - answers✔✔What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
Assets increase by $80,000; liabilities increase by $80,000. - answers✔✔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; owners' equity increases by $80,000.
Assets increase by $80,000; liabilities decrease by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
Assets increase by $80,000; revenues increase by $80,000.
Expenses decrease owners' equity. - answers✔✔What is the impact of expenses on the accounting
equation?
Expenses increase owners' equity.
Expenses decrease liabilities.
Expenses decrease owners' equity.
Expenses increase liabilities.
Liability - answers✔✔Which type of account are accounts payable and notes payable both examples of?
The company's accounting information will increase in value. - answers✔✔What is the effect of a
company's accounting department maintaining high ethical standards?
The company can hire fewer accountants to do the same amount of work.
The company's accounting information will decrease in value.
The company can report more favorable results in its financial statements.
The company's accounting information will increase in value.
Financial statement data are often used in determining employee bonuses. - answers✔✔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 item-by-item product cost information.
Financial statement data provide detailed internal budget information.
Financial statement data are often used in determining employee bonuses.
Financial Accounting Standards Board (FASB) - answers✔✔Which group establishes financial accounting
rules in the United States?
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Internal Revenue Service (IRS)
Statement of cash flows - answers✔✔Which report is one of the three primary financial statements?
Statement of the accounting cycle
Statement of management accounting
Statement of cash flows
Statement of stakeholder funds
, Assets decrease by $5,000; expenses increase by $5,000. - answers✔✔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.
Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; revenues increase by $5,000.
Assets decrease by $5,000; liabilities increase by $5,000.
Two parties exchanging something of value - answers✔✔What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
Assets increase by $80,000; liabilities increase by $80,000. - answers✔✔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; owners' equity increases by $80,000.
Assets increase by $80,000; liabilities decrease by $80,000.
Assets increase by $80,000; liabilities increase by $80,000.
Assets increase by $80,000; revenues increase by $80,000.
Expenses decrease owners' equity. - answers✔✔What is the impact of expenses on the accounting
equation?
Expenses increase owners' equity.
Expenses decrease liabilities.
Expenses decrease owners' equity.
Expenses increase liabilities.
Liability - answers✔✔Which type of account are accounts payable and notes payable both examples of?
