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WGU PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING D196 PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)$12.99
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WGU PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING D196 PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
WGU D196
Institution
WGU D196
Accounting System
Used by business to:
1. Analyze transactions
2. Handle routine bookkeeping tasks
3. Use the information to evaluate business performance
Analysis/Bookkeeping/Evaluation
Accounting
Quantitative information, primarily financial in nature, about economic entities that is int...
C
ACCOUNTING D196 PRACTICE
LO
EXAM QUESTIONS WITH
YC
CORRECT ANSWERS ALL
VERIFIED BY AN EXPERT A+
D
GRADED (LATEST UPDATE)
U
ST
,Accounting System
Used by business to:
1. Analyze transactions
2. Handle routine bookkeeping tasks
3. Use the information to evaluate business performance
Analysis/Bookkeeping/Evaluation
K
C
Accounting
Quantitative information, primarily financial in nature, about economic entities that is
LO
intended to be useful in making economic decisions
Decision-Making Process
YC
Business
An organization operated with the objective of making a profit from the sale of goods or
services
D
Nonprofit Organization
An entity without a profit objective, oriented toward providing services efficiently and
U
effectively
Capital or Financing
Monetary resources that come from three sources: investors (owners), creditors
ST
(lenders), and the business itself in the form of earnings
Revenues
The amount of assets created through the sale of goods and services
Accountant Roles in Business
1. Measuring and reporting: Using the accounting cycle to report the results of business
activities
2. Advising: Using the reports gathered to inform managers on how to structure
activities to achieve the goals of the business
Activities Common to Business Organizations
, Accounting Cycle
The procedure for analyzing, recording, classifying, summarizing, and reporting the
transactions of a business
Managerial Accounting (internal)
Gathering and analysis of information for the purpose of internal decision making
K
Financial Accounting (external)
Gathering, reporting, and analysis of information primarily for the benefit of external
C
users such as investors and creditors
Output of the Accounting Cycle
LO
YC
Annual Report
A document that summarizes the results of operations and financial status of a
company for the past year and outlines future plans
Financial Statements
Reports such as the balance sheet, income statement, and statement of cash flows,
which summarize the financial status and results of operations of a business entity
D
Balance Sheet
Reports the resources of a company (assets), the company's obligations (liabilities), and
U
the owner's equity at a given point in time, which represents the difference between
what is owned (assets) and what is owed (liabilities)
Income Statement
ST
Reports the amount of net income earned by a company during a period. Revenues -
Expenses = Net Income
Statement of Cash Flows
Reports the amount of cash collected and paid out by a company in the following three
types of activities: operating, investing, and financing
External Stakeholders
Includes lenders, investors, competitors, and government agencies
Internal Stakeholders
Includes management, suppliers, customers, and employees
Financial Accounting Standards Board (FASB)
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