WGU D774 PA EXAM WITH 100% CORRECT
AND VERIFIED ANSWERS
100% Correct 62
Incorrect 00
Your answers
1 of 62
Term
A company has the following items:
Equipment: $50,000
Cash: $20,000
Accounts payable: $30,000
Land: $60,000
Accounts receivable: $10,000
Which amount should the user expect to see on the balance sheet in
the category of long-term assets?
Give this one a try later!
$10 $110,000
$400
, Don't know?
2 of 62
Term
Alliah Company is a new local manufacturer, and the owners want to
ensure the financial books of the company are created properly.
Alliah Company's owners would like to ensure that revenue is
recorded when the products are sold even though they give their
customers 30 days to pay their invoices. Which basis of accounting
should Alliah choose?
Give this one a try later!
Cash basis Tax basis
Modified cash basis Accrual basis
Don't know?
, 3 of 62
Term
A business owner is trying to better understand their company's
financial performance and operations. The owner recently learned
that two types of accounting—financial accounting and managerial
accounting—serve different purposes. What is one difference
between them?
Give this one a try later!
Financial accounting is only used by Financial accounting focuses on
public companies, while all cost control, while
businesses use managerial managerial
accounting. accounting focuses on regulatory
compliance.
Financial accounting and Financial accounting focuses
managerial accounting are on external reporting, while
interchangeable and serve the managerial accounting
same purpose. focuses on internal decision-
making.
Don't know?
4 of 62
Term
Which statement explains the relationship between the balance
sheet and the statement of cash flows?
, Give this one a try later!
The statement of cash
flows reconciles the cash The statement of cash flows
balance that is reported reconciles the total assets in the
on the balance sheet.
balance sheet.
The statement of cash flows The statement of cash flows
reconciles equity balance in the reconciles the balance sheet's net
balance sheet. income.
Don't know?
5 of 62
Term
What is the purpose of the Public Company Accounting Oversight
Board (PCAOB)?
Give this one a try later!
It oversees the audits of It establishes financial
public companies to protect reporting standards for
investors. nonprofit
organizations.
It monitors compliance with tax
regulations for large organizations.
Don't know?
AND VERIFIED ANSWERS
100% Correct 62
Incorrect 00
Your answers
1 of 62
Term
A company has the following items:
Equipment: $50,000
Cash: $20,000
Accounts payable: $30,000
Land: $60,000
Accounts receivable: $10,000
Which amount should the user expect to see on the balance sheet in
the category of long-term assets?
Give this one a try later!
$10 $110,000
$400
, Don't know?
2 of 62
Term
Alliah Company is a new local manufacturer, and the owners want to
ensure the financial books of the company are created properly.
Alliah Company's owners would like to ensure that revenue is
recorded when the products are sold even though they give their
customers 30 days to pay their invoices. Which basis of accounting
should Alliah choose?
Give this one a try later!
Cash basis Tax basis
Modified cash basis Accrual basis
Don't know?
, 3 of 62
Term
A business owner is trying to better understand their company's
financial performance and operations. The owner recently learned
that two types of accounting—financial accounting and managerial
accounting—serve different purposes. What is one difference
between them?
Give this one a try later!
Financial accounting is only used by Financial accounting focuses on
public companies, while all cost control, while
businesses use managerial managerial
accounting. accounting focuses on regulatory
compliance.
Financial accounting and Financial accounting focuses
managerial accounting are on external reporting, while
interchangeable and serve the managerial accounting
same purpose. focuses on internal decision-
making.
Don't know?
4 of 62
Term
Which statement explains the relationship between the balance
sheet and the statement of cash flows?
, Give this one a try later!
The statement of cash
flows reconciles the cash The statement of cash flows
balance that is reported reconciles the total assets in the
on the balance sheet.
balance sheet.
The statement of cash flows The statement of cash flows
reconciles equity balance in the reconciles the balance sheet's net
balance sheet. income.
Don't know?
5 of 62
Term
What is the purpose of the Public Company Accounting Oversight
Board (PCAOB)?
Give this one a try later!
It oversees the audits of It establishes financial
public companies to protect reporting standards for
investors. nonprofit
organizations.
It monitors compliance with tax
regulations for large organizations.
Don't know?
