-
WGU D774 INTRO TO BUSINESS ACCOUNTING EXAM
QUESTIONS AND ANSWERS (100% CORRECT)
LATEST UPDATE 2026-2027 | GRADED A+ | ASSURED
PASS.
Which economic event immediately preceded and led to
the passage of the Sarbanes-Oxley Act of 2002?
Dot-com bubble
-
Why are there no standardized regulations relating to the
production of managerial accounting information?
Company managers can generate any information they want
to help them make better decisions, so no outside regulation is
needed.
-
What is a common use of managerial accounting
information?
Making better planning, operating, and evaluating decisions
inside a company
In which country was the double-entry accounting system
developed in the 15th century?
Italy
,-
-
Which major economic event followed soon after the Stock
Market Crash of 1929?
Great Depression
-
-
What is one of the characteristics of a corporation?
Ease of transfer of ownership
-
What is contained in Securities and Exchange Commission
Form 10-K? Annual audited financial
statements
-
Why would a company's employees be directly interested in
the company's income statement?
To assess the current profitability of the company, its
performance, and its liquidity
-
Which information is contained in the reported amount of
net income?
The amount by which revenues exceed expenses
-
, -
Which measurement is highlighted in the multi-step
format for the income statement? Operating income
-
What is an advantage of structuring a business as a
corporation?
Legal existence separated from that of the shareholders
-
Which report is one of the three primary financial statements?
Income statement
-
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
-
Who selects a corporation’s board of directors?
Shareholders of the corporation
Which label refers to the costs of buying or making the
products a company sells?
Cost of sales
-
Which item is listed first on the income statement?
Revenues
WGU D774 INTRO TO BUSINESS ACCOUNTING EXAM
QUESTIONS AND ANSWERS (100% CORRECT)
LATEST UPDATE 2026-2027 | GRADED A+ | ASSURED
PASS.
Which economic event immediately preceded and led to
the passage of the Sarbanes-Oxley Act of 2002?
Dot-com bubble
-
Why are there no standardized regulations relating to the
production of managerial accounting information?
Company managers can generate any information they want
to help them make better decisions, so no outside regulation is
needed.
-
What is a common use of managerial accounting
information?
Making better planning, operating, and evaluating decisions
inside a company
In which country was the double-entry accounting system
developed in the 15th century?
Italy
,-
-
Which major economic event followed soon after the Stock
Market Crash of 1929?
Great Depression
-
-
What is one of the characteristics of a corporation?
Ease of transfer of ownership
-
What is contained in Securities and Exchange Commission
Form 10-K? Annual audited financial
statements
-
Why would a company's employees be directly interested in
the company's income statement?
To assess the current profitability of the company, its
performance, and its liquidity
-
Which information is contained in the reported amount of
net income?
The amount by which revenues exceed expenses
-
, -
Which measurement is highlighted in the multi-step
format for the income statement? Operating income
-
What is an advantage of structuring a business as a
corporation?
Legal existence separated from that of the shareholders
-
Which report is one of the three primary financial statements?
Income statement
-
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
-
Who selects a corporation’s board of directors?
Shareholders of the corporation
Which label refers to the costs of buying or making the
products a company sells?
Cost of sales
-
Which item is listed first on the income statement?
Revenues
