WESTERN GOVERNOR UNIVERSITY (WGU) COLLEGE OF BUSINESS
FINANCIAL AND MANAGERIAL ACCOUNTING EXAMINATION- 2026
FINAL SPRING EXAMINATION | HIGHER TIER
COURSE TITLE: FINANCIAL & MANAGERIAL ACCOUNTING
COURSE CODE: ____D192
ASSESSMENT TYPE: OBJECTIVE ASSESSMENT
TIME ALLOWED: ______________________
steps of decision making
identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting
analysis of events
record and report financial effects of business activities
where does capital come from (3)
investors
creditors(lenders)
,business itself (from earnings retained)
2 main types of accounting
financial and managerial
managerial accounting
gather and analysis of information for internal use and decision making.
financial accounting
gather, report, analysis of information for external users- investors and creditors. summary of a
business
what does managerial accounting review
product cost, breakeven analysis, budgeting, performance analysis, outsource production
what does financial accounting review
credit analysis, financial health, estimate value of the company
examples of external financial reports for financial accounting
annual report, financial statement, balance sheet, income statement, statement of cash flow
,balance sheet
reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement
how much did you ,ake
period of time - from nov to jan
statement of cash flow
where did the cash come from and where did the cash go
period of time - from nov to jan
lender
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
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
both financial and managerial
fasb- what does it stand for, who are they and what do they do
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
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
generally accepted accounting principles
sec
Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly
traded companies.
FINANCIAL AND MANAGERIAL ACCOUNTING EXAMINATION- 2026
FINAL SPRING EXAMINATION | HIGHER TIER
COURSE TITLE: FINANCIAL & MANAGERIAL ACCOUNTING
COURSE CODE: ____D192
ASSESSMENT TYPE: OBJECTIVE ASSESSMENT
TIME ALLOWED: ______________________
steps of decision making
identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting
analysis of events
record and report financial effects of business activities
where does capital come from (3)
investors
creditors(lenders)
,business itself (from earnings retained)
2 main types of accounting
financial and managerial
managerial accounting
gather and analysis of information for internal use and decision making.
financial accounting
gather, report, analysis of information for external users- investors and creditors. summary of a
business
what does managerial accounting review
product cost, breakeven analysis, budgeting, performance analysis, outsource production
what does financial accounting review
credit analysis, financial health, estimate value of the company
examples of external financial reports for financial accounting
annual report, financial statement, balance sheet, income statement, statement of cash flow
,balance sheet
reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement
how much did you ,ake
period of time - from nov to jan
statement of cash flow
where did the cash come from and where did the cash go
period of time - from nov to jan
lender
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
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
both financial and managerial
fasb- what does it stand for, who are they and what do they do
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
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
generally accepted accounting principles
sec
Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly
traded companies.
