Western Governors University

Finance - Answer Business activities that aim to create value of firm maximize resources manage risks for greater return Economic perspective - Answer Asset is based on the future cash flowd the asset will provide Accounting perspective - Answer Asset refers to resources owned, managed and controlled by an enterprise Financial management (corporate finance) - Answer Focuses on decisions relating to HOW MUCH and WHAT TYPE of assets to require, how to raise...

Accounts Receivable (A/R) Turnover - Answer A type of liquidity ratio that describes the number of times a firm's accounts receivable account is paid off. Accounts Receivable Turnover = Credit Sales ÷ Accounts Receivable. Activity Ratios - Answer A type of financial ratio that evaluates how efficiently a firm utilizes its assets to generate sales or revenue; also known as efficiency ratios. After-tax Cost of Debt - Answer An adjustment of the before-tax cost of debt t...

Qualitative assessments: - Answer methods of evaluation that focus on understanding the characteristics, qualities, and experiences of individuals rather than quantifying data Quantitative assessments: - Answer methods of evaluation that focus on measuring and quantifying a student's performance, skills, or knowledge using numerical data Informal assessments: - Answer more flexible and spontaneous, occurring during everyday classroom activities Formal assessments: -...

- Answer The procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks. and structure information so it can be used to evaluate the performance and health of the business. Analysis - Answer One of the three basic functions of accounting that involves looking at business events to determine if information should be captured by the accounting system. Bookkeeping - Answer One of the three basic functions of accounting that involves...

Which inventory method results in the lowest cost of goods sold and highest net income in a period of rising prices? - Answer First in, first out A seller of recreational vehicles (RVs) wants to keep track of the actual cost of each item sold. Which inventory costing method should this business use to meet this goal? - Answer Specific identification $10,989 (50x$105 + 100x$108 + 100x$110 + 200x$112)/450 x (50 + 100 + 100 + 200 - 350) - Answer $10,989 (50*$105 + 1...

Which feature of managerial accounting improves a company's ability to plan and control operations? - Answer It generates detailed information on product cost. Which statement describes period costs? - Answer They flow directly to the current income statement as expenses. A company has the following costs associated with a job: Direct materials: $400 Direct labor: $450 Work in process: $950 Revenue from job: $1,450 What is the amount of overhead applied to this job? -...

WGU C802 TXM2 TASK 2: Needs Assessment & EHR Vendor Selection Analysis | 2026 Update with complete solutions.

Two key responsibilities of external auditors? - Answer Examining financial statements for accuracy and compliance & assessing the effectiveness of internal controls What do internal auditors do? - Answer Enhance financial integrity by evaluating internal controls and proactively identifying weaknesses What was an effect of the Sarbanes-Oxley Act? - Answer Strengthened auditor independence and corporate accountability. Purpose of the Sarbanes-Oxley Act? - Answer ...

What is the primary purpose of accounting? - Answer To provide financial information useful in decision-making. Who are the internal users of accounting information? - Answer Managers, executives, supervisors, and employees. Who are the external users of accounting information? - Answer Investors, creditors, government agencies, suppliers, and customers. What is the accounting equation? - Answer Assets = Liabilities + Owner's Equity What type of business is...

Which action is potentially unethical because it understates cost of goods sold? - Answer Understating purchases Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research program? - Answer This action overstates assets. What is the most common method used to commit financial statement fraud, according to the COSO study? - Answer Improperly recognizing revenue What is a rarely occurring type of financial statement fraud? - Answer ...