D196 WGU Questions and Answers
What is the effect of a The company's accounting information will increase in value.
company's accounting
department maintaining high
ethical standards?
The company can hire fewer
accountants to do the same
amount of work.
The company's accounting
information will decrease in value.
The company can report more
favorable results in its financial
statements.
The company's accounting
information will
increase in value.
Why might employees be interested Financial statement data are often used in determining employee bonuses.
in their company's financial
accounting information?
Financial statement data are used
to record long term liabilities.
Financial statement data provide
item-by- item product cost
information.
Financial statement data provide
detailed internal budget
information.
Financial statement data are often
used in
determining employee bonuses.
,Which group establishes Financial Accounting Standards Board (FASB)
financial accounting rules in
the United States? American
Institute of Certified Public
Accountants (AICPA)
Financial Accounting Standards
Board (FASB)
International Accounting
Standards Board (IASB)
Internal Revenue Service (IRS)
Which report is one of the three Statement of cash flows
primary financial statements?
Statement of the accounting
cycle Statement of
management accounting
Statement of cash flows
Statement of stakeholder funds
A company paid $5,000 cash in Assets decrease by $5,000; expenses increase by $5,000.
advertising costs.
How does this transaction affect the
paying company's accounting
equation?
Assets decrease by $5,000;
expenses increase by $5,000.
Assets increase by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
revenues increase by $5,000.
Assets decrease by $5,000; liabilities
increase by $5,000.
What is a transaction? Two parties exchanging something of value
A type of commonly used
accounting software
A category of merchandiser or
retailer
Two parties exchanging something
of value An example of an
online business document
A company borrowed $80,000 cash Assets increase by $80,000; liabilities increase by $80,000.
from a bank.
How does this transaction
affect the accounting equation
of the borrowing company?
Assets increase by $80,000;
owners' equity increases by
, $80,000.
Assets increase by $80,000;
liabilities decrease by
$80,000.
Assets increase by $80,000;
liabilities increase by $80,000.
Assets increase by $80,000;
revenues increase by
$80,000.
What is the effect of a The company's accounting information will increase in value.
company's accounting
department maintaining high
ethical standards?
The company can hire fewer
accountants to do the same
amount of work.
The company's accounting
information will decrease in value.
The company can report more
favorable results in its financial
statements.
The company's accounting
information will
increase in value.
Why might employees be interested Financial statement data are often used in determining employee bonuses.
in their company's financial
accounting information?
Financial statement data are used
to record long term liabilities.
Financial statement data provide
item-by- item product cost
information.
Financial statement data provide
detailed internal budget
information.
Financial statement data are often
used in
determining employee bonuses.
,Which group establishes Financial Accounting Standards Board (FASB)
financial accounting rules in
the United States? American
Institute of Certified Public
Accountants (AICPA)
Financial Accounting Standards
Board (FASB)
International Accounting
Standards Board (IASB)
Internal Revenue Service (IRS)
Which report is one of the three Statement of cash flows
primary financial statements?
Statement of the accounting
cycle Statement of
management accounting
Statement of cash flows
Statement of stakeholder funds
A company paid $5,000 cash in Assets decrease by $5,000; expenses increase by $5,000.
advertising costs.
How does this transaction affect the
paying company's accounting
equation?
Assets decrease by $5,000;
expenses increase by $5,000.
Assets increase by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
revenues increase by $5,000.
Assets decrease by $5,000; liabilities
increase by $5,000.
What is a transaction? Two parties exchanging something of value
A type of commonly used
accounting software
A category of merchandiser or
retailer
Two parties exchanging something
of value An example of an
online business document
A company borrowed $80,000 cash Assets increase by $80,000; liabilities increase by $80,000.
from a bank.
How does this transaction
affect the accounting equation
of the borrowing company?
Assets increase by $80,000;
owners' equity increases by
, $80,000.
Assets increase by $80,000;
liabilities decrease by
$80,000.
Assets increase by $80,000;
liabilities increase by $80,000.
Assets increase by $80,000;
revenues increase by
$80,000.
