Accounting for decision makers

QUESTIONS AND ANSWERS

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WGUC213 FINAL EXAM ACCOUNTING

WGUC213 FINAL EXAM ACCOUNTING

WGUC213 FINAL EXAM ACCOUNTING

WGUC213 FINAL EXAM ACCOUNTING

WGU C213 Accounting for decision makers

1) Which of the following is the most correct definition of accounting? a. The preservation of a systematic, quantitative record of an activity. b. A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. c. The procedures and processes used by a company to analyze transactions and handle routine bookkeeping tasks. d. An entity without a profit objective, oriented toward providing servi...

1) Which of the following is the most correct definition of accounting? a. The preservation of a systematic, quantitative record of an activity. b. A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. c. The procedures and processes used by a company to analyze transactions and handle routine bookkeeping tasks. d. An entity without a profit objective, oriented toward providing servi...

Inventory Cost Flow Assumptions: - correct answer FIFO LIFO Lower of Costs or Market Weighted Average Specific Identification FIFO - correct answer First in First Out used in Production Lines. Transfers inventory cost to the COGS account the oldest incurred and to leave in the inventory asset account the most recent costs of merchandise purchased. Leads to higher assets & net income What Financial Statement does FIFO show up on? - correct answer Balance Sheet LIFO - correct answer ...