d196 - study set wgu Question and answers already passed 202
1. Accounting plays a vital role in the decision-
Identify the issues
making process. Which action is the first
step in the deci- sion-making process.
2. The money that a company needs to buy its land, pay Investors,
creditors, and
its employees, and buy its supplies is called capital.
retained business earn-
What are the potential sources of capital for a ings.
busi- ness.
3. Accountants measure and communicate the results of True
business activities.
4. Which primary area of accounting generates Management accountin
reports for internal users.
5. Which group use financial information to
Lenders
evaluate whether a company will be able
to repay a loan.
6. Which of the primary financial statements reports the Balance shee
resources, obligations, and owner's equity of a
com- pany
7. What is the role of the IASB regulating Establish international
accounting standards ac- counting
standards
8. What group of people make up the FASB People from a variety
of business-related back-
grounds
9. What is the role of the GASB in setting The GSAB is a private-
accounting standards sec- tor organization
the es- tablishes
1/
51
,d196 - study set wgu Question and answers already passed 202
accounting and financial reporting stan-
2/
51
,d196 - study set wgu Question and answers already passed 202
dards for the U.S. state
and local governments
10. In what way do accountants have an economic incen- The value of the
informa-
tive to conduct themselves ethically tion produced by accoun-
tants is related to the
con- fidence that users
have in the reliability of
that infor- mation
11. How is it possible for an accountant to There is flexibility inherent in
intentionally deceive financial statement users the assumptions under-
and still technically be in compliance with
lying the preparation of
generally accepted accounting principles
fi- nancial statements
(GAAP)
The company has not filed
12. Your boss has approached you with a
concerning let-
ter from the IRS and ask you to explain the role of the its taxes in
accordance to
IRS in regulating accounting standards. Based on accountin
the role of the IRS, what would be the problem g data for
detailed in the letter 2019.
Which user
13. Anika is considering investing in a tech of
company that is known for developing smart accounting
home appliances. Be- fore investing, Annika information
first wants to ensure that the companies will
past performance has been satisfactory and monitor
that the company manages its cash flows this data
well. What type of accounting information to ensure
would provide this evidence for Anika that the
company
14. Alliah company just released it's public
3/
51
,d196 - study set wgu Question and answers already passed 202
is providing sufficient information for the law
investors.
Financial reports
Government agencies
4/
51
1. Accounting plays a vital role in the decision-
Identify the issues
making process. Which action is the first
step in the deci- sion-making process.
2. The money that a company needs to buy its land, pay Investors,
creditors, and
its employees, and buy its supplies is called capital.
retained business earn-
What are the potential sources of capital for a ings.
busi- ness.
3. Accountants measure and communicate the results of True
business activities.
4. Which primary area of accounting generates Management accountin
reports for internal users.
5. Which group use financial information to
Lenders
evaluate whether a company will be able
to repay a loan.
6. Which of the primary financial statements reports the Balance shee
resources, obligations, and owner's equity of a
com- pany
7. What is the role of the IASB regulating Establish international
accounting standards ac- counting
standards
8. What group of people make up the FASB People from a variety
of business-related back-
grounds
9. What is the role of the GASB in setting The GSAB is a private-
accounting standards sec- tor organization
the es- tablishes
1/
51
,d196 - study set wgu Question and answers already passed 202
accounting and financial reporting stan-
2/
51
,d196 - study set wgu Question and answers already passed 202
dards for the U.S. state
and local governments
10. In what way do accountants have an economic incen- The value of the
informa-
tive to conduct themselves ethically tion produced by accoun-
tants is related to the
con- fidence that users
have in the reliability of
that infor- mation
11. How is it possible for an accountant to There is flexibility inherent in
intentionally deceive financial statement users the assumptions under-
and still technically be in compliance with
lying the preparation of
generally accepted accounting principles
fi- nancial statements
(GAAP)
The company has not filed
12. Your boss has approached you with a
concerning let-
ter from the IRS and ask you to explain the role of the its taxes in
accordance to
IRS in regulating accounting standards. Based on accountin
the role of the IRS, what would be the problem g data for
detailed in the letter 2019.
Which user
13. Anika is considering investing in a tech of
company that is known for developing smart accounting
home appliances. Be- fore investing, Annika information
first wants to ensure that the companies will
past performance has been satisfactory and monitor
that the company manages its cash flows this data
well. What type of accounting information to ensure
would provide this evidence for Anika that the
company
14. Alliah company just released it's public
3/
51
,d196 - study set wgu Question and answers already passed 202
is providing sufficient information for the law
investors.
Financial reports
Government agencies
4/
51
