Exam (elaborations)
WGU D196 Practice Test Questions and Answers (2022/2023) (Verified Answers)
- Course
- Institution
WGU D196 Practice Test Questions and Answers (2022/2023) (Verified Answers)
[Show more]
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectJoshua. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now