WGU D774 Intro to Business Accounting
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Terms in this set (70)
In which country was the double-entry accounting Italy
system developed in the 15th century?
3 multiple choice options
Which major economic event followed soon after the Great Depression
Stock Market Crash of 1929?
3 multiple choice options
Which economic event immediately preceded and led Dot-com bubble
to the passage of the Sarbanes-Oxley Act of 2002? 3 multiple choice options
Why are there no standardized regulations relating to Company managers can generate any information they want to help them
the production of managerial accounting make better decisions, so no outside regulation is needed.
information? 3 multiple choice options
What is a common use of managerial accounting Making better planning, operating, and evaluating decisions inside a company
information? 3 multiple choice options
Which report is one of the three primary financial Income statement
statements?
3 multiple choice options
Who performs external audits of financial Certified Public Accountant (CPA)
statements? 3 multiple choice options
Who selects a corporation’s board of directors? Shareholders of the corporation
3 multiple choice options
What is an advantage of structuring a business as a Legal existence separated from that of the shareholders
corporation? 3 multiple choice options
What is one of the characteristics of a corporation? Ease of transfer of ownership
3 multiple choice options
, What is contained in Securities and Exchange Annual audited financial statements
Commission Form 10-K?
3 multiple choice options
Why would a company's employees be directly To assess the current profitability of the company, its performance, and its
interested in the company's income statement? liquidity
3 multiple choice options
Which information is contained in the reported The amount by which revenues exceed expenses
amount of net income? 3 multiple choice options
Which measurement is highlighted in the multi-step Operating income
format for the income statement? 3 multiple choice options
Which label refers to the costs of buying or making Cost of sales
the products a company sells?
3 multiple choice options
Which item is listed first on the income statement? Revenues
3 multiple choice options
Which item is reported in an income statement? Revenues
3 multiple choice options
In which situation does a company report revenue? When products or services are sold
3 multiple choice options
Which item should be reported as revenue in the Amount earned from customers for the sale of goods
income statement?
3 multiple choice options
Alliah Company is preparing to do an initial public Revenue and expenses
offering (IPO) of its shares next year. Alliah knows that 3 multiple choice options
investors use a company’s net income in their
valuation models to determine how much an IPO
company’s shares are worth. Alliah’s founders are
eager for this IPO to do well so that their many years
of work will be validated in the stock market. Here are
some data from Alliah Company’s financial
statements:Inventory
Accounts Payable
Expenses
Capital Stock (also called Paid-in Capital)
Accounts Receivable
Cash
Retained Earnings
Revenue
Building
Loans Payable
Which items are used to compute Alliah’s net income?
32 studiers today 4.9 (9 reviews)
Save
Students also studied
D774 WGU WGU D774 - PA D774 D7
91 terms 62 terms 153 terms 121
Sophia_Martinac Preview hbt_lrztwtbh Preview Copperbxxm Preview
Terms in this set (70)
In which country was the double-entry accounting Italy
system developed in the 15th century?
3 multiple choice options
Which major economic event followed soon after the Great Depression
Stock Market Crash of 1929?
3 multiple choice options
Which economic event immediately preceded and led Dot-com bubble
to the passage of the Sarbanes-Oxley Act of 2002? 3 multiple choice options
Why are there no standardized regulations relating to Company managers can generate any information they want to help them
the production of managerial accounting make better decisions, so no outside regulation is needed.
information? 3 multiple choice options
What is a common use of managerial accounting Making better planning, operating, and evaluating decisions inside a company
information? 3 multiple choice options
Which report is one of the three primary financial Income statement
statements?
3 multiple choice options
Who performs external audits of financial Certified Public Accountant (CPA)
statements? 3 multiple choice options
Who selects a corporation’s board of directors? Shareholders of the corporation
3 multiple choice options
What is an advantage of structuring a business as a Legal existence separated from that of the shareholders
corporation? 3 multiple choice options
What is one of the characteristics of a corporation? Ease of transfer of ownership
3 multiple choice options
, What is contained in Securities and Exchange Annual audited financial statements
Commission Form 10-K?
3 multiple choice options
Why would a company's employees be directly To assess the current profitability of the company, its performance, and its
interested in the company's income statement? liquidity
3 multiple choice options
Which information is contained in the reported The amount by which revenues exceed expenses
amount of net income? 3 multiple choice options
Which measurement is highlighted in the multi-step Operating income
format for the income statement? 3 multiple choice options
Which label refers to the costs of buying or making Cost of sales
the products a company sells?
3 multiple choice options
Which item is listed first on the income statement? Revenues
3 multiple choice options
Which item is reported in an income statement? Revenues
3 multiple choice options
In which situation does a company report revenue? When products or services are sold
3 multiple choice options
Which item should be reported as revenue in the Amount earned from customers for the sale of goods
income statement?
3 multiple choice options
Alliah Company is preparing to do an initial public Revenue and expenses
offering (IPO) of its shares next year. Alliah knows that 3 multiple choice options
investors use a company’s net income in their
valuation models to determine how much an IPO
company’s shares are worth. Alliah’s founders are
eager for this IPO to do well so that their many years
of work will be validated in the stock market. Here are
some data from Alliah Company’s financial
statements:Inventory
Accounts Payable
Expenses
Capital Stock (also called Paid-in Capital)
Accounts Receivable
Cash
Retained Earnings
Revenue
Building
Loans Payable
Which items are used to compute Alliah’s net income?
