WGUl D196l Finall Examl (NEWl 2026/l
2027l Update)l Principlesl ofl Financiall andl
Manageriall Accountingl Guide|l Questionsl
&l Answersl |l Gradel A|l 100%l Correctl
(Verifiedl Solutions)
QUESTION
Financiall Accounting
Answer:
Thel areal ofl accountingl concernedl withl reportingl financiall informationl tol interestedl
externall parties.
QUESTION
Financiall Accountingl Standardsl Boardl (FASB)
Answer:
Thel organizationl responsiblel forl studyingl accountingl issuesl andl establishingl accountingl
standardsl tol governl financiall reportingl inl thel Unitedl States.
QUESTION
Financiall Statementl Analysis
Answer:
Thel examinationl ofl bothl thel relationshipsl amongl financiall statementl numbersl andl thel
trendsl inl thosel numbersl overl time.
QUESTION
Financiall Statements
,Answer:
Reportsl suchl asl thel balancel sheet,l incomel statement,l andl statementl ofl cashl flows,l
whichl summarizel thel financiall statusl andl resultsl ofl operationsl ofl al businessl entity.
QUESTION
Financingl Activities
Answer:
Activitiesl wherebyl cashl isl obtainedl froml orl repaidl tol ownersl andl creditors.
QUESTION
Finishedl Goodsl Inventory
Answer:
Inventoryl thatl hasl completedl thel productionl processl andl isl readyl forl salel tol customers.
QUESTION
Fixedl Costs
Answer:
Costsl thatl remainl constantl inl total,l regardlessl ofl activityl level,l overl al certainl rangel ofl
activity.
QUESTION
Forml 10-K
Answer:
Al forml requiredl byl thel SECl forl businessesl tol reportl al comprehensivel summaryl ofl
financiall perfomance,l includingl thel threel primaryl financiall statements.
QUESTION
,Forml 10-Q
Answer:
Quarterlyl financiall reportsl thatl publiclyl tradedl companiesl mustl filel withl thel SEC.
QUESTION
Gains
Answer:
Moneyl madel onl activitiesl outsidel thel normall businessl ofl al company.
QUESTION
Generallyl Acceptedl Accountingl Principlesl (GAAP)
Answer:
Authoritativel guidelinesl thatl definel accountingl practicel atl al particularl timel inl thel
Unitedl States.
QUESTION
Governmentall Accountingl Standardsl Boardl (GASB)
Answer:
Anl independentl privatel organizationl thatl setsl thel accountingl andl financiall reportingl
standardsl forl statel andl locall governmentsl followingl GAAP.
QUESTION
Grossl Margin
Answer:
Thel differencel betweenl salesl andl costl ofl goodsl sold;l grossl profit.
QUESTION
, Grossl Profit
Answer:
Thel differencel betweenl salesl andl costl ofl goodsl sold;l grossl margin.
QUESTION
Horizontall Analysis
Answer:
Al methodl ofl financiall statementl analysisl thatl comparesl al firm'sl resultsl froml yearl tol
year.
QUESTION
Illiquid
Answer:
Assetsl thatl takel timel andl effortl tol convertl intol cash.
QUESTION
Incomel Statement
Answer:
Thel financiall statementl thatl reportsl thel amountl ofl netl incomel earnedl byl al companyl
duringl al period.
QUESTION
Indirectl Costs
Answer:
Costsl normallyl incurredl forl thel benefitl ofl severall segmentsl withinl thel organization;l
sometimesl calledl commonl costsl orl jointl costs.
2027l Update)l Principlesl ofl Financiall andl
Manageriall Accountingl Guide|l Questionsl
&l Answersl |l Gradel A|l 100%l Correctl
(Verifiedl Solutions)
QUESTION
Financiall Accounting
Answer:
Thel areal ofl accountingl concernedl withl reportingl financiall informationl tol interestedl
externall parties.
QUESTION
Financiall Accountingl Standardsl Boardl (FASB)
Answer:
Thel organizationl responsiblel forl studyingl accountingl issuesl andl establishingl accountingl
standardsl tol governl financiall reportingl inl thel Unitedl States.
QUESTION
Financiall Statementl Analysis
Answer:
Thel examinationl ofl bothl thel relationshipsl amongl financiall statementl numbersl andl thel
trendsl inl thosel numbersl overl time.
QUESTION
Financiall Statements
,Answer:
Reportsl suchl asl thel balancel sheet,l incomel statement,l andl statementl ofl cashl flows,l
whichl summarizel thel financiall statusl andl resultsl ofl operationsl ofl al businessl entity.
QUESTION
Financingl Activities
Answer:
Activitiesl wherebyl cashl isl obtainedl froml orl repaidl tol ownersl andl creditors.
QUESTION
Finishedl Goodsl Inventory
Answer:
Inventoryl thatl hasl completedl thel productionl processl andl isl readyl forl salel tol customers.
QUESTION
Fixedl Costs
Answer:
Costsl thatl remainl constantl inl total,l regardlessl ofl activityl level,l overl al certainl rangel ofl
activity.
QUESTION
Forml 10-K
Answer:
Al forml requiredl byl thel SECl forl businessesl tol reportl al comprehensivel summaryl ofl
financiall perfomance,l includingl thel threel primaryl financiall statements.
QUESTION
,Forml 10-Q
Answer:
Quarterlyl financiall reportsl thatl publiclyl tradedl companiesl mustl filel withl thel SEC.
QUESTION
Gains
Answer:
Moneyl madel onl activitiesl outsidel thel normall businessl ofl al company.
QUESTION
Generallyl Acceptedl Accountingl Principlesl (GAAP)
Answer:
Authoritativel guidelinesl thatl definel accountingl practicel atl al particularl timel inl thel
Unitedl States.
QUESTION
Governmentall Accountingl Standardsl Boardl (GASB)
Answer:
Anl independentl privatel organizationl thatl setsl thel accountingl andl financiall reportingl
standardsl forl statel andl locall governmentsl followingl GAAP.
QUESTION
Grossl Margin
Answer:
Thel differencel betweenl salesl andl costl ofl goodsl sold;l grossl profit.
QUESTION
, Grossl Profit
Answer:
Thel differencel betweenl salesl andl costl ofl goodsl sold;l grossl margin.
QUESTION
Horizontall Analysis
Answer:
Al methodl ofl financiall statementl analysisl thatl comparesl al firm'sl resultsl froml yearl tol
year.
QUESTION
Illiquid
Answer:
Assetsl thatl takel timel andl effortl tol convertl intol cash.
QUESTION
Incomel Statement
Answer:
Thel financiall statementl thatl reportsl thel amountl ofl netl incomel earnedl byl al companyl
duringl al period.
QUESTION
Indirectl Costs
Answer:
Costsl normallyl incurredl forl thel benefitl ofl severall segmentsl withinl thel organization;l
sometimesl calledl commonl costsl orl jointl costs.
