D196 WGU

Principles of Financial and Managerial Accounting - D196 Accounting - correct answer The information system that measures business activities, processes the information into reports, and communicates the results to decision makers. Accounting Equation - correct answer The basic tool of accounting, measuring the resources of the business (what the business owns or has control of) and the claims to those resources (what the business owes to creditors and to the owner). Assets = Liabilities +...

Accounting D196 test 2023 Principles of Financial & Managerial Accounting Which primary area of accounting generates reports for internal users? - correct answer Management Accounting What is the role of the IASB in regulating accounting standards? - correct answer Establish international accounting standards What group of people make up the FASB? - correct answer People from a variety of business-related backgrounds What is the role of the GASB in setting accounting standards? - corr...

WGU D196 Pre-Assessment What is the effect of a company's accounting department maintaining high ethical standards? -The company can report more favorable results in its financial statements. -The company's accounting information will decrease in value. -The company can hire fewer accountants to do the same amount of work. -The company's accounting information will increase in value. - correct answer The company's accounting information will increase in value. Why might employees b...

D196 Principles of Financial Accounting Financial Accounting - correct answer People outside of the company Managerial Accounting - correct answer People inside of the company Bookkeeping - correct answer the preservation of a systematic, quantitative record of an activity Analysis; Bookkeeping; Evaluation - correct answer Accounting involves _______, meaning looking at business events to determine if information should be captured by the accounting system; ______ which is the day-to...

What is the role and purpose of accounting? - correct answer Accounting is used to accumulate, measure, and communicate financial information about organizations. This information is used to make informed decisions regarding resource usage and allocation. Who uses accounting information and why? - correct answer Managerial Accounting: Internal decision making (managers, CEO's, supervisors, etc.) Financial Accounting: External user benefit (stakeholders, investors, tax authorities, etc.) ...

D196 Study Guide What is the role and purpose of accounting? - correct answer Accounting is used to accumulate, measure, and communicate financial information about organizations. This information is used to make informed decisions regarding resource usage and allocation. Who uses accounting information and why? - correct answer Managerial Accounting: Internal decision making (managers, CEO's, supervisors, etc.) Financial Accounting: External user benefit (stakeholders, investors, tax au...

What is an example of direct 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 - correct answer Cost of aluminum in making an airplane 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 ...

Unit 2: International Accounting Standards Board (IASB) A committee formed to develop international accounting standards. Unit 2: American Institute of Certified Public Accountants (AICPA) A professional organization for CPAs in which membership is voluntary. Professional Sanctions Unit 2: Certified public accountant (CPA) An accountant who has met specified professional requirements established by the AICPA and local and state societies. A key service provided by CPAs is the performance of...

Principles of Financial and Managerial Accounting - D196 test Accounting plays a vital role in the decision-making process. Which action is the first step in the decision-making process? Identify the issue The money that a company needs to buy its land, pay its employees, and buy its supplies is called capital. What are the potential sources of capital for a business? Investors, creditors, and retained business earnings Which primary area of accounting generates reports for internal users...

Manufacturing Overhead Budget - correct answer Which budget should include all production costs other than those for direct materials and direct labor? Accounts receivable - correct answer Which account is a common asset account? Balance Sheet - correct answer On which financial statement would you see the valuation of a company's asset account? Preparing Reports - correct answer What is the final step in the accounting cycle? Preparing financial statements - correct answer Which of...