WGU D278 PRE-ASSESSMENT (2025)
ACTUAL EXAM (TESTING REAL EXAM
QUESTIONS) AND VERIFIED ANSWERS
(MULTIPLE CHOICES) |COMPLETE
SOLUTIONS |A+ GRADED |100%
CORRECT!!
What is the effect of a 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. - ✔ANASWER✔-The company's accounting
information will increase in value.
Why might employees be interested 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. - ✔ANASWER✔-Financial statement data are
often used in determining employee bonuses.
Which group establishes 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)
- ✔ANASWER✔-Financial Accounting Standards Board
(FASB)
,Which report is one of the three primary financial
statements?
Statement of management accounting
Statement of the accounting cycle
Statement of stakeholder funds
Statement of cash flows - ✔ANASWER✔-Statement of
cash flows
A company paid $5,000 cash in 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.
- ✔ANASWER✔-Assets decrease by $5,000; expenses
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
An example of an online business document -
✔ANASWER✔-Two parties exchanging something of
value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation
of the borrowing company?
Assets increase by $80,000; liabilities increase by
$80,000.
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; revenues increase by
$80,000. - ✔ANASWER✔-Assets increase by $80,000;
liabilities increase by $80,000.
What is the impact of expenses on the accounting
equation?
Expenses decrease liabilities.
Expenses increase liabilities.
Expenses decrease owners' equity.
ACTUAL EXAM (TESTING REAL EXAM
QUESTIONS) AND VERIFIED ANSWERS
(MULTIPLE CHOICES) |COMPLETE
SOLUTIONS |A+ GRADED |100%
CORRECT!!
What is the effect of a 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. - ✔ANASWER✔-The company's accounting
information will increase in value.
Why might employees be interested 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. - ✔ANASWER✔-Financial statement data are
often used in determining employee bonuses.
Which group establishes 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)
- ✔ANASWER✔-Financial Accounting Standards Board
(FASB)
,Which report is one of the three primary financial
statements?
Statement of management accounting
Statement of the accounting cycle
Statement of stakeholder funds
Statement of cash flows - ✔ANASWER✔-Statement of
cash flows
A company paid $5,000 cash in 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.
- ✔ANASWER✔-Assets decrease by $5,000; expenses
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
An example of an online business document -
✔ANASWER✔-Two parties exchanging something of
value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation
of the borrowing company?
Assets increase by $80,000; liabilities increase by
$80,000.
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; revenues increase by
$80,000. - ✔ANASWER✔-Assets increase by $80,000;
liabilities increase by $80,000.
What is the impact of expenses on the accounting
equation?
Expenses decrease liabilities.
Expenses increase liabilities.
Expenses decrease owners' equity.
