wgu d196 pre assessment | Questions and Answers | 2025/2026
Terms in this set (62)
What is an example of direct Cost of aluminum in making an airplane
materials? Cost of robotic
equipment in making
automobiles
Cost of sandpaper in making
wood furniture
Cost of saws and hammers in
constructing a house
Cost of aluminum in making an
airplane
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 can report more
favorable results in its financial
statements.
The company's accounting
information will increase in value.
The company's accounting
information will
decrease 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 are often
used in determining employee
bonuses.
Financial statement data provide
item-by- item product cost
information.
Financial statement data provide
detailed
internal budget information.
Which group establishes Financial Accounting Standards Board (FASB)
financial accounting rules in
the United States? Internal
Revenue Service (IRS)
Financial Accounting Standards
Board (FASB)
International Accounting
Standards Board (IASB)
American Institute of Certified
Public Accountants (AICPA)
Which report is one of the three Statement of cash flows
primary financial statements?
Statement of management
accounting Statement of the
accounting cycle Statement of
stakeholder funds Statement
of cash flows
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;
liabilities increase by $5,000.
Assets increase by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
revenues
increase by $5,000.
, What is a transaction? Two parties exchanging something of value
Two parties exchanging something
of value A type of commonly
used accounting software
A category of merchandiser or
retailer An example of an
online business
document
Terms in this set (62)
What is an example of direct Cost of aluminum in making an airplane
materials? Cost of robotic
equipment in making
automobiles
Cost of sandpaper in making
wood furniture
Cost of saws and hammers in
constructing a house
Cost of aluminum in making an
airplane
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 can report more
favorable results in its financial
statements.
The company's accounting
information will increase in value.
The company's accounting
information will
decrease 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 are often
used in determining employee
bonuses.
Financial statement data provide
item-by- item product cost
information.
Financial statement data provide
detailed
internal budget information.
Which group establishes Financial Accounting Standards Board (FASB)
financial accounting rules in
the United States? Internal
Revenue Service (IRS)
Financial Accounting Standards
Board (FASB)
International Accounting
Standards Board (IASB)
American Institute of Certified
Public Accountants (AICPA)
Which report is one of the three Statement of cash flows
primary financial statements?
Statement of management
accounting Statement of the
accounting cycle Statement of
stakeholder funds Statement
of cash flows
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;
liabilities increase by $5,000.
Assets increase by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
expenses increase by $5,000.
Assets decrease by $5,000;
revenues
increase by $5,000.
, What is a transaction? Two parties exchanging something of value
Two parties exchanging something
of value A type of commonly
used accounting software
A category of merchandiser or
retailer An example of an
online business
document
