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WGU D196 PREASSESMENT EXAM D196 OBJECTIVE ASSESMENT EXAM TEST BANK COMPLETE 350 QUESTIONS AND CORRECT ANSWERS LATEST | click on ALSO AVAILABLE IN PACKAGE DEAL. You'll get more for less!"

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  • July 3, 2024
  • October 2, 2024
  • 135
  • 2023/2024
  • Exam (elaborations)
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  • WGU D196
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WGU D196 PREASSESMENT EXAM D196 OBJECTIVE ASSESMENT EXAM
TEST BANK COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
LATEST 2024-2025


D196-Principles of Financial & Managerial Accounting PA

QUESTION: 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 - ANSWER-Two parties exchanging something of
value




QUESTION: 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. - ANSWER-Assets increase by
$80,000; liabilities increase by $80,000.




Page | 1

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QUESTION: What is the impact of expenses on the accounting equation?

Expenses decrease liabilities.

Expenses increase liabilities.

Expenses decrease owners' equity.

Expenses increase owners' equity. - ANSWER-Expenses decrease owners' equity




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. - ANSWER-Assets decrease by $5,000;
expenses increase by $5,000.




QUESTION: Which type of account are accounts payable and notes payable both examples of?




Liability

Expense

Asset



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, Page 3 of 135


Equity - ANSWER-Liability




QUESTION: What is the purpose of the financial accounting cycle?




To turn information about transactions into financial statements

To gather information related to the expenses and income generated by a company

To produce and analyze a company's monthly bank statement

To collect confidential information for management to use as a competitive tool - ANSWER-To
turn information about transactions into financial statements




QUESTION: According to the accounting equation, the amount of liabilities and equity must
always be equal to another amount.

What is that other amount?

The sum of expenses and dividends

Cash

Assets

The sum of revenues and expenses - ANSWER-Assets




QUESTION: Which item is an expense item?

Cost of goods sold

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, Page 4 of 135


Loans payable

Accounts receivable

Accounts payable - ANSWER-Cost of goods sold




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 - ANSWER-Cost of aluminum in making an airplane




QUESTION: 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. - ANSWER-The company's
accounting information will increase in value.




QUESTION: Why might employees be interested in their company's financial accounting
information?


Page | 4

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