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D196 WGU UNIT TEST + COHORT+ PA ACTUAL NEWEST EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+.$17.99
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D196 WGU UNIT TEST + COHORT+ PA ACTUAL
NEWEST EXAM COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+.
What is the name for the authoritative set of accounting standards in the
United States? ✔✔CORRECT ANSWER✔✔GAAP (Generally Accepted
Accounting Principles)
Which statement is a correct description of the IASB? ✔✔CORRECT
ANSWER✔✔It establishes international accounting standards.
Which action is part of the financial accounting cycle? ✔✔CORRECT
ANSWER✔✔Summarizing financial information in financial statements
What is owners' equity? ✔✔CORRECT ANSWER✔✔The remaining claim to
the assets of a business after liabilities have been deducted
Most businesses have a systematic method for analyzing transactions and
collecting and recording transaction-related information. This transformation
process is which part of accounting? ✔✔CORRECT ANSWER✔✔accounting
cycle
,Which event is an example of collecting, analyzing, and summarizing
accounting information? ✔✔CORRECT ANSWER✔✔Gathering checkbook
information
Which accounting transaction should be recorded in the books and the
records of a company? ✔✔CORRECT ANSWER✔✔Purchasing new
equipment for the company
Which event is a transaction? ✔✔CORRECT ANSWER✔✔Purchasing an item
on the internet from an online store
How is each amount calculated in a common-size income statement?
✔✔CORRECT ANSWER✔✔Each amount is expressed as a percentage of sales
for the year.
What is a liability? ✔✔CORRECT ANSWER✔✔An obligation to pay cash,
transfer other assets, or provide services to someone else
What is the definition of revenue? ✔✔CORRECT ANSWER✔✔The amount of
assets created through the sale of goods and services.
What type of activities are reported as operating activities? ✔✔CORRECT
ANSWER✔✔Those activities that are part of the day-to-day business of a
company
,Which statement below best characterizes the purpose of the balance
sheet? ✔✔CORRECT ANSWER✔✔A balance sheet is a report of the assets,
liabilities, and equity of a company as of a point in time.
Which statement below best characterizes the purpose of the statement of
cash flows? ✔✔CORRECT ANSWER✔✔A statement of cash flows portrays
the operating, financing, and investing cash flows of a company over a
period of time.
When is vertical financial statement analysis most valuable? ✔✔CORRECT
ANSWER✔✔When comparing companies in similar industries
Which section of the SEC's website contains Company Annual Report on
Form 10-K filings ✔✔CORRECT ANSWER✔✔EDGAR
Which type of activities are financing activities? ✔✔CORRECT
ANSWER✔✔Those activities whereby cash is obtained from or repaid to
owners and creditors
Which statement best characterizes the purpose of the income statement?
✔✔CORRECT ANSWER✔✔An income statement portrays the results of
operations of a company over a period of time.
With respect to cash collections, what is an aging schedule? ✔✔CORRECT
ANSWER✔✔An analysis of past cash flow patterns to reveal the expected
timing of future cash collections
, What information can a company use to create a forecast, or budget, of
expected future cash inflows and outflows? ✔✔CORRECT ANSWER✔✔Past
patterns of a company's cash collections and cash disbursements
What is the correct sequence of budgets in a manufacturing business?
✔✔CORRECT ANSWER✔✔Sales, production, direct labor
What is one important factor to consider when preparing a production
budget? ✔✔CORRECT ANSWER✔✔Amount of beginning inventory
When can management determine the amount of direct materials, direct
labor, and manufacturing overhead needed during the period? ✔✔CORRECT
ANSWER✔✔Only after production quantities are known
What problem can occur if inventories are too high? ✔✔CORRECT
ANSWER✔✔Excessive storage costs
In which budget should the depreciation of administrative office buildings be
included? ✔✔CORRECT ANSWER✔✔Selling and administrative expense
budget
What is a cost variance? ✔✔CORRECT ANSWER✔✔The amount by which the
actual cost differs from the budgeted cost
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