WGU D196- Principles of Financial and Managerial
Accounting EXAM ACTUAL EXAM COMPLETE
QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
effects of business activities where does capital come
from (3) - ANSWER//investors creditors(lenders) business
itself (from earnings retained) 2 main types of accounting -
ANSWER//financial and managerial managerial
accounting - ANSWER//gather and analysis of information
for internal use and decision making. financial accounting
- ANSWER//gather, report, analysis of information for
external users- investors and creditors. summary of a
business what does managerial accounting review -
ANSWER//product cost, breakeven analysis, budgeting,
performance analysis, outsource production what does
financial accounting review - ANSWER//credit analysis,
financial health, estimate value of the company examples
of external financial reports for financial accounting -
ANSWER//annual report, financial statement, balance
sheet, income statement, statement of cash flow balance
sheet - ANSWER//reports assets and liabilities. basic. list
as of a point in time. as of today, as of yesterday income
statement - ANSWER//how much did you ,ake period of
time - from nov to jan statement of cash flow -
ANSWER//where did the cash come from and where did
the cash go period of time - from nov to jan lender -
ANSWER//lends money with intend to get it back plus
interest. need current income, existing obligations, existing
assets, payroll stub, tax return, monthly payments, bank
stmts investor - ANSWER//buys into your company. looks
at if the business is profitable, what they are buying,
buying obligations, potential future projections what forms
will the manager of a business use - ANSWER//both
financial and managerial fasb- what does it stand for, who
are they and what do they do - ANSWER//financial
accounting standards board private group, not govt
,agency, no legal authority, conducted of people from a
variety of business related backgrounds. establishes
financial accounting and reporting standards for private
sector companies 1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they
do - ANSWER//governmental accounting standards board
sets accounting and financial reporting standards for state
and legal governments. authority over financial reporting
by government entities 1 of the two boards that make up
GAAP gaap - ANSWER//generally accepted accounting
principles sec - ANSWER//Securities and Exchange
Commission regulates us stock exchange. provides
investors with full and fair information about publicly
traded companies. legal punishment iasb -
ANSWER//International Accounting Standards Board
develop international accounting standards. made up of
members from many countries aicpa -
ANSWER//american institute of certified public
accountants administers the cpa exam. enforces
professional sanction by taking away cpa license when
acted unethically. role and purpose of accounting -
ANSWER//accumulate and report on financial information
about performance, financial position, cash flow of a
business. used to reach decisions about how to manage
the business, invest in it, or lend money to it what is a
balance sheet - ANSWER//statement of what they have
and how they financed it at a specific point in time.
balance sheet equation - ANSWER//assets = liabilities +
owners equity what are assets and examples -
ANSWER//what they own or control that will provide
probable future benefits cash, accts receivable, inventory,
buildings, land. what are liabilities and examples -
ANSWER//what we owe. obligations that require future
sacrifice. phone bill, car loan, accts payable, fed and state
govt tax, mortgage, unearned revenue what is owners
equity and examples - ANSWER//owners share,
stockholders equity, how much owner originally invested
, in business + how much profit they have left capital stock-
amt given by shareholders to obtain shares of
stock(capital=$ so money from stocks) retained earnings-
earnings retained in business, ex= net income do
dividends increase or decrease owners equity -
ANSWER//decrease does investments by owners
increase or decrease owners equity - ANSWER//increase
what is an income stmt - ANSWER//analyzes economic
performance for a specific period of time. statement of
income. revenues, expenses, liabilities. equation for net
income - ANSWER//net income= revenues - expenses
does revenues increase or decrease net assets -
ANSWER//increase does expenses increase or decrease
net assets - ANSWER//decrease what is revenue -
ANSWER//amount of assets created from sale. products,
membership, software, hardware, etc what are expenses -
ANSWER//amount of assets consumed in generating
revenues. wages, utilities, wholesale cost if revenue
exceeds expenses what happens - ANSWER//you get net
income if revenue is less than expenses paid, what
happens - ANSWER//net loss how to find net income or
net loss - ANSWER//revenue- expenses= if + net income,
if - net loss gross profit and loss - ANSWER//difference
between sales and cost of good sold. retail price-
wholesale cost to buy. sales- cost of goods operating
income and equation - ANSWER//day to day basis sales-
cost of goods sold- operating expenses non operating
expenses - ANSWER//interest and income taxes no
connection with specific nature operating business EPS
definition and equation - ANSWER//earnings per share net
income/ outstanding number of shares of stock gains -
ANSWER//making money from activity outside natural
activities of busines statement of cash flow -
ANSWER//how cash changed from beginning to end and
why cash in(receipts) and cash out(payments) from
operating, investing, financing operational activity; inflow
and outflow - ANSWER//day to day activities operation
Accounting EXAM ACTUAL EXAM COMPLETE
QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
effects of business activities where does capital come
from (3) - ANSWER//investors creditors(lenders) business
itself (from earnings retained) 2 main types of accounting -
ANSWER//financial and managerial managerial
accounting - ANSWER//gather and analysis of information
for internal use and decision making. financial accounting
- ANSWER//gather, report, analysis of information for
external users- investors and creditors. summary of a
business what does managerial accounting review -
ANSWER//product cost, breakeven analysis, budgeting,
performance analysis, outsource production what does
financial accounting review - ANSWER//credit analysis,
financial health, estimate value of the company examples
of external financial reports for financial accounting -
ANSWER//annual report, financial statement, balance
sheet, income statement, statement of cash flow balance
sheet - ANSWER//reports assets and liabilities. basic. list
as of a point in time. as of today, as of yesterday income
statement - ANSWER//how much did you ,ake period of
time - from nov to jan statement of cash flow -
ANSWER//where did the cash come from and where did
the cash go period of time - from nov to jan lender -
ANSWER//lends money with intend to get it back plus
interest. need current income, existing obligations, existing
assets, payroll stub, tax return, monthly payments, bank
stmts investor - ANSWER//buys into your company. looks
at if the business is profitable, what they are buying,
buying obligations, potential future projections what forms
will the manager of a business use - ANSWER//both
financial and managerial fasb- what does it stand for, who
are they and what do they do - ANSWER//financial
accounting standards board private group, not govt
,agency, no legal authority, conducted of people from a
variety of business related backgrounds. establishes
financial accounting and reporting standards for private
sector companies 1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they
do - ANSWER//governmental accounting standards board
sets accounting and financial reporting standards for state
and legal governments. authority over financial reporting
by government entities 1 of the two boards that make up
GAAP gaap - ANSWER//generally accepted accounting
principles sec - ANSWER//Securities and Exchange
Commission regulates us stock exchange. provides
investors with full and fair information about publicly
traded companies. legal punishment iasb -
ANSWER//International Accounting Standards Board
develop international accounting standards. made up of
members from many countries aicpa -
ANSWER//american institute of certified public
accountants administers the cpa exam. enforces
professional sanction by taking away cpa license when
acted unethically. role and purpose of accounting -
ANSWER//accumulate and report on financial information
about performance, financial position, cash flow of a
business. used to reach decisions about how to manage
the business, invest in it, or lend money to it what is a
balance sheet - ANSWER//statement of what they have
and how they financed it at a specific point in time.
balance sheet equation - ANSWER//assets = liabilities +
owners equity what are assets and examples -
ANSWER//what they own or control that will provide
probable future benefits cash, accts receivable, inventory,
buildings, land. what are liabilities and examples -
ANSWER//what we owe. obligations that require future
sacrifice. phone bill, car loan, accts payable, fed and state
govt tax, mortgage, unearned revenue what is owners
equity and examples - ANSWER//owners share,
stockholders equity, how much owner originally invested
, in business + how much profit they have left capital stock-
amt given by shareholders to obtain shares of
stock(capital=$ so money from stocks) retained earnings-
earnings retained in business, ex= net income do
dividends increase or decrease owners equity -
ANSWER//decrease does investments by owners
increase or decrease owners equity - ANSWER//increase
what is an income stmt - ANSWER//analyzes economic
performance for a specific period of time. statement of
income. revenues, expenses, liabilities. equation for net
income - ANSWER//net income= revenues - expenses
does revenues increase or decrease net assets -
ANSWER//increase does expenses increase or decrease
net assets - ANSWER//decrease what is revenue -
ANSWER//amount of assets created from sale. products,
membership, software, hardware, etc what are expenses -
ANSWER//amount of assets consumed in generating
revenues. wages, utilities, wholesale cost if revenue
exceeds expenses what happens - ANSWER//you get net
income if revenue is less than expenses paid, what
happens - ANSWER//net loss how to find net income or
net loss - ANSWER//revenue- expenses= if + net income,
if - net loss gross profit and loss - ANSWER//difference
between sales and cost of good sold. retail price-
wholesale cost to buy. sales- cost of goods operating
income and equation - ANSWER//day to day basis sales-
cost of goods sold- operating expenses non operating
expenses - ANSWER//interest and income taxes no
connection with specific nature operating business EPS
definition and equation - ANSWER//earnings per share net
income/ outstanding number of shares of stock gains -
ANSWER//making money from activity outside natural
activities of busines statement of cash flow -
ANSWER//how cash changed from beginning to end and
why cash in(receipts) and cash out(payments) from
operating, investing, financing operational activity; inflow
and outflow - ANSWER//day to day activities operation
