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WGU D196 Practice Test Questions and Answers (2022/2023) (Verified Answers)
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WGU D196 Practice Test Questions and Answers (2022/2023) (Verified Answers)
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WGU D196 Practice Test Questions and Answers(2022/2023) (Verified Answers)
1.What is a transaction ANS Two parties exchanging something of value
2.What is the effect of a company's accounting department maintaining
high ethical standards ANS The company's accounting information will
increase in value.
3.Why might employees be interested in their company's financial
account- ing information ANS Financial statement data are often used in
determining employ- ee bonuses.
4.Which group establishes financial accounting rules in the United
States?-
: financial Accounting Standards Board (FASB)
5.Which report is one of the three primary financial statements ANS Assets decrease by $5,000; expenses increase by $5,000 .A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company ANS Assets increase by $80,000; liabilities increase by $80,000.
7.A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equa- tion ANS Assets decrease by $5,000; expenses increase by $5,000.
8.What is the impact of expenses on the accounting equation ANS Expenses decrease owners' equity.
9.Which type of account are accounts payable and notes payable both examples of ANS Liability
10.What is the purpose of the financial accounting cycle ANS To turn information about transactions into financial statements
11.According to the accounting equation, the amount of liabilities and equity must always be equal to another amount.
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