WGU Principles of Accounting D074
Questions and All Correct Answers.
- 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 keeping
track of the day-to-day transactions.
Evaluation - Answer One of the three basic functions of accounting that involves obtaining
and using financial information to determine the health and performance of a business.
Accounting - Answer A system for providing quantitative, financial information about
economic entities that is useful for making sound economic decisions. This system provides the
means of recording and communicating business activities and the results of those activities.
Gather Information - Answer The second step of the decision making process and the
component most vital to accounting.
Business - Answer An organization operated with the objective of making a profit from the
sale of good or services.
Nonprofit Organization - Answer An entity without a profit objective, oriented toward
providing services efficiently and effectively.
Revenue - Answer The amount of assets created through the sale of goods and services
Measuring and Reporting - Answer One of the two roles of an Accountant that involves
measuring and communicating the results of business activities.
Advising - Answer One of the two roles of an Accountant that gives insight to managers on
how to structure activities in order to achieve the goals of the business such as generating a
profit, minimizing costs, and providing efficient services.
, Accounting Cycle - Answer The procedure for analyzing recording classifying, summarizing,
and reporting the transactions of a business.
Identity the Issue - Answer The first step of the decision making process
Identity Alternatives - Answer The third step of the decision making process.
Select the Best Option - Answer The fourth step of the decision making process.
Financial Accounting - Answer The gathering, reporting, and analysis of information primarily
for the benefit of external users such as investors and creditors.
Managerial Accounting - Answer The gathering and analysis of information for the purpose
of internal decision making.
Internal Accounting - Answer Managerial Accountings primary focus involving.
Product Costs
Breakeven Analysis
Budgeting
Performance Evaluation
Outsource Production
Product Costs (M or F) - Answer Managerial / Internal Accounting
Breakeven Analysis (M or F) - Answer Managerial / Internal Accounting
Budgeting (M or F) - Answer Managerial / Internal Accounting
Performance Evaluation (M or F) - Answer Managerial / Internal Accounting
Outsource Production (M or F) - Answer Managerial / Internal Accounting
Credit Analysis (M or F) - Answer Financial / External Accounting
Regulatory Uses (M or F) - Answer Financial / External Accounting
Questions and All Correct Answers.
- 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 keeping
track of the day-to-day transactions.
Evaluation - Answer One of the three basic functions of accounting that involves obtaining
and using financial information to determine the health and performance of a business.
Accounting - Answer A system for providing quantitative, financial information about
economic entities that is useful for making sound economic decisions. This system provides the
means of recording and communicating business activities and the results of those activities.
Gather Information - Answer The second step of the decision making process and the
component most vital to accounting.
Business - Answer An organization operated with the objective of making a profit from the
sale of good or services.
Nonprofit Organization - Answer An entity without a profit objective, oriented toward
providing services efficiently and effectively.
Revenue - Answer The amount of assets created through the sale of goods and services
Measuring and Reporting - Answer One of the two roles of an Accountant that involves
measuring and communicating the results of business activities.
Advising - Answer One of the two roles of an Accountant that gives insight to managers on
how to structure activities in order to achieve the goals of the business such as generating a
profit, minimizing costs, and providing efficient services.
, Accounting Cycle - Answer The procedure for analyzing recording classifying, summarizing,
and reporting the transactions of a business.
Identity the Issue - Answer The first step of the decision making process
Identity Alternatives - Answer The third step of the decision making process.
Select the Best Option - Answer The fourth step of the decision making process.
Financial Accounting - Answer The gathering, reporting, and analysis of information primarily
for the benefit of external users such as investors and creditors.
Managerial Accounting - Answer The gathering and analysis of information for the purpose
of internal decision making.
Internal Accounting - Answer Managerial Accountings primary focus involving.
Product Costs
Breakeven Analysis
Budgeting
Performance Evaluation
Outsource Production
Product Costs (M or F) - Answer Managerial / Internal Accounting
Breakeven Analysis (M or F) - Answer Managerial / Internal Accounting
Budgeting (M or F) - Answer Managerial / Internal Accounting
Performance Evaluation (M or F) - Answer Managerial / Internal Accounting
Outsource Production (M or F) - Answer Managerial / Internal Accounting
Credit Analysis (M or F) - Answer Financial / External Accounting
Regulatory Uses (M or F) - Answer Financial / External Accounting
