D196- PRINCIPLES OF FINANCIAL AND
MANAGERIAL ACCOUNTING
OBJECTIVE ASSESSMENT EXAM WITH
100% CORRECT ANSWERS
Wgu D196
,bookkeeping - Correct Answer-day to day keeping of transcations
steps of decision making - Correct Answer-identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - Correct Answer-analysis of events
record and report financial effects of business activities
where does capital come from (3) - Correct Answer-investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - Correct Answer-financial and managerial
managerial accounting - Correct Answer-gather and analysis of information for internal
use and decision making.
financial accounting - Correct Answer-gather, report, analysis of information for external
users- investors and creditors. summary of a business
what does managerial accounting review - Correct Answer-product cost, breakeven
analysis, budgeting, performance analysis, outsource production
what does financial accounting review - Correct Answer-credit analysis, financial health,
estimate value of the company
examples of external financial reports for financial accounting - Correct Answer-annual
report, financial statement, balance sheet, income statement, statement of cash flow
balance sheet - Correct Answer-reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - Correct Answer-how much did you ,ake
period of time - from nov to jan
statement of cash flow - Correct Answer-where did the cash come from and where did
the cash go
period of time - from nov to jan
lender - Correct Answer-lends money with intend to get it back plus interest. need
current income, existing obligations, existing assets, payroll stub, tax return, monthly
payments, bank stmts
, investor - Correct Answer-buys into your company. looks at if the business is profitable,
what they are buying, buying obligations, potential future projections
what forms will the manager of a business use - Correct Answer-both financial and
managerial
fasb- what does it stand for, who are they and what do they do - Correct Answer-
financial accounting standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - Correct Answer-
governmental accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - Correct Answer-generally accepted accounting principles
sec - Correct Answer-Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about
publicly traded companies.
legal punishment
iasb - Correct Answer-International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - Correct Answer-american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
role and purpose of accounting - Correct Answer-accumulate and report on financial
information about performance, financial position, cash flow of a business. used to
reach decisions about how to manage the business, invest in it, or lend money to it
what is a balance sheet - Correct Answer-statement of what they have and how they
financed it at a specific point in time.
balance sheet equation - Correct Answer-assets = liabilities + owners equity
what are assets and examples - Correct Answer-what they own or control that will
provide probable future benefits
cash, accts receivable, inventory, buildings, land.
MANAGERIAL ACCOUNTING
OBJECTIVE ASSESSMENT EXAM WITH
100% CORRECT ANSWERS
Wgu D196
,bookkeeping - Correct Answer-day to day keeping of transcations
steps of decision making - Correct Answer-identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - Correct Answer-analysis of events
record and report financial effects of business activities
where does capital come from (3) - Correct Answer-investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - Correct Answer-financial and managerial
managerial accounting - Correct Answer-gather and analysis of information for internal
use and decision making.
financial accounting - Correct Answer-gather, report, analysis of information for external
users- investors and creditors. summary of a business
what does managerial accounting review - Correct Answer-product cost, breakeven
analysis, budgeting, performance analysis, outsource production
what does financial accounting review - Correct Answer-credit analysis, financial health,
estimate value of the company
examples of external financial reports for financial accounting - Correct Answer-annual
report, financial statement, balance sheet, income statement, statement of cash flow
balance sheet - Correct Answer-reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - Correct Answer-how much did you ,ake
period of time - from nov to jan
statement of cash flow - Correct Answer-where did the cash come from and where did
the cash go
period of time - from nov to jan
lender - Correct Answer-lends money with intend to get it back plus interest. need
current income, existing obligations, existing assets, payroll stub, tax return, monthly
payments, bank stmts
, investor - Correct Answer-buys into your company. looks at if the business is profitable,
what they are buying, buying obligations, potential future projections
what forms will the manager of a business use - Correct Answer-both financial and
managerial
fasb- what does it stand for, who are they and what do they do - Correct Answer-
financial accounting standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - Correct Answer-
governmental accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - Correct Answer-generally accepted accounting principles
sec - Correct Answer-Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about
publicly traded companies.
legal punishment
iasb - Correct Answer-International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - Correct Answer-american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
role and purpose of accounting - Correct Answer-accumulate and report on financial
information about performance, financial position, cash flow of a business. used to
reach decisions about how to manage the business, invest in it, or lend money to it
what is a balance sheet - Correct Answer-statement of what they have and how they
financed it at a specific point in time.
balance sheet equation - Correct Answer-assets = liabilities + owners equity
what are assets and examples - Correct Answer-what they own or control that will
provide probable future benefits
cash, accts receivable, inventory, buildings, land.
