WGU D216 Business Law for Accountants
|OA| Objective Assessment | Actual
Questions and Answers Latest Updated
Graded A+)
Correct
Incorrect
D216 Business Law for Accountants |OA
CFO for the accuracy of
statements
, information in the financial
statements
Certification by the independent Certification by the board of
auditor for the accuracy of directors for the accuracy of
information in the financial statements information in the financial statements
Don't know?
2 of 207
Term
A corporation that meets certain qualifying requirements specified in
Subchapter S of the Internal Revenue Code can choose to operate as
an S corporation.
What is one of the qualifying requirements to operate as an S
corporation?
Give this one a try later!
The corporation must have more than The corporation may have
100 shareholders. nonresident alien shareholders.
The corporation must have only The corporation must be a member
one class of stock. of an affiliated group.
Don't know?
, 3 of 207
Term
Which intellectual property protection protects ideas?
Give this one a try later!
Copyright Trademark
Patent Trade secret
Don't know?
4 of 207
Term
A public company's CEO and CFO certified the 10-K pursuant to the
Sarbanes-Oxley Act of 2002 (SOX). However, only the CEO certified
the public company's 10-Q.
Has this public company complied with SOX?
Give this one a try later!
No, because the issuer's chief audit
No, because the CFO did not
executive did not certify the annual
certify the quarterly filing.
filing.
, Yes, because the CEO and CFO are Yes, because only the CEO is
only required to certify annual filings. required to certify quarterly filings.
Don't know?
5 of 207
Term
Due to booming business, a manufacturing company hired two new
employees for a rate of $15 per hour. Previous hires were paid a rate
of $26 per hour. After analyzing the reduction on labor costs, the
accountant recommended replacing the existing workers by less
expensive workers. Is this accountant's recommendation legal?
Give this one a try later!
Yes, because firing employees
Yes, because the accountant's legal
and hiring new ones for a lower
responsibility is to maximize value.
wage is not illegal.
No, because firing employees and
No, because the accountant's duties
hiring new ones for a lower wage is
are just entering journal entries.
illegal.
Don't know?
|OA| Objective Assessment | Actual
Questions and Answers Latest Updated
Graded A+)
Correct
Incorrect
D216 Business Law for Accountants |OA
CFO for the accuracy of
statements
, information in the financial
statements
Certification by the independent Certification by the board of
auditor for the accuracy of directors for the accuracy of
information in the financial statements information in the financial statements
Don't know?
2 of 207
Term
A corporation that meets certain qualifying requirements specified in
Subchapter S of the Internal Revenue Code can choose to operate as
an S corporation.
What is one of the qualifying requirements to operate as an S
corporation?
Give this one a try later!
The corporation must have more than The corporation may have
100 shareholders. nonresident alien shareholders.
The corporation must have only The corporation must be a member
one class of stock. of an affiliated group.
Don't know?
, 3 of 207
Term
Which intellectual property protection protects ideas?
Give this one a try later!
Copyright Trademark
Patent Trade secret
Don't know?
4 of 207
Term
A public company's CEO and CFO certified the 10-K pursuant to the
Sarbanes-Oxley Act of 2002 (SOX). However, only the CEO certified
the public company's 10-Q.
Has this public company complied with SOX?
Give this one a try later!
No, because the issuer's chief audit
No, because the CFO did not
executive did not certify the annual
certify the quarterly filing.
filing.
, Yes, because the CEO and CFO are Yes, because only the CEO is
only required to certify annual filings. required to certify quarterly filings.
Don't know?
5 of 207
Term
Due to booming business, a manufacturing company hired two new
employees for a rate of $15 per hour. Previous hires were paid a rate
of $26 per hour. After analyzing the reduction on labor costs, the
accountant recommended replacing the existing workers by less
expensive workers. Is this accountant's recommendation legal?
Give this one a try later!
Yes, because firing employees
Yes, because the accountant's legal
and hiring new ones for a lower
responsibility is to maximize value.
wage is not illegal.
No, because firing employees and
No, because the accountant's duties
hiring new ones for a lower wage is
are just entering journal entries.
illegal.
Don't know?
