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D196 WGU Exam Practice Questions and Answers (100% Pass)
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D196 WGU Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
D196 WGU Exam Practice Questions and
Answers (100% Pass)
What is the role and purpose of accounting ? - ✔️✔️Role: To help track income and
expenditures, and to provide investors, management, and government with financial
information.
Purpose: To accumulate, measure, and communicate financial information about
businesses and other organizations.
· Who uses accounting information and why? - ✔️✔️Potential investors and creditors use
accounting information, but basically everyone uses accounting information. They use it
to make internal and external business decisions.
· What are the important influences on accounting? - ✔️✔️Important influences on
accounting is the development of the "generally accepted accounting
principles"(GAAP), international business and ethical consideration.
· What is the role of ethics in accounting? - ✔️✔️Being an accountant requires honesty
and integrity, as well as professional judgement. So having ethics in accounting is very
important.
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
What are the three main functions of accounting? - ✔️✔️The 3 main functions of
accounting are: Analyzing, Bookkeeping, and Evaluating(ABE).
The Financial Accounting Standards Board(FASB) - ✔️✔️An organization responsible for
studying accounting issues and establishing standards
a) Private group
b) Public process
c) Establishes GAAP
The Governmental Accounting Standards Board(GASB) - ✔️✔️A private, non
governmental organization who sets accounting and financial reporting standards for
state and local governments
Securities and Exchange Commission(SEC) - ✔️✔️Regulates stock exchanges
a) Has legal authority to regulate financial markets and accounting
b) Usually defers to the FASB on accounting matters
The Public Company Accounting Oversight Board(PCAOB) - ✔️✔️Oversees all
accounting firms.
Internal Revenue Service(IRS) - ✔️✔️Collects and regulates income taxes
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
International Accounting Standards Board(IASB) - ✔️✔️The FASB of the world(except the
USA)
Assets - ✔️✔️assets are what we OWN.
Common Assets:
-) Cash
-) Accounts receivable
-) Inventory
-) Buildings
-) Prepaid
Liabilities - ✔️✔️An obligation to pay cash, transfer other assets, or provide services to
someone.
A) Liabilities are what we OWE.
B) Common Liabilities:
-) Accounts Payable
-) Taxes Payable
-) Mortgage Payable
-) Unearned Revenue
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