WGU D196 (WGUD196)

Accounting - ANSWER A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of those activities. Accounting Cycle - ANSWER The procedure for analyzing, recording, summarizing, and reporting the transactions of a business. Accounting Equation - ANSWER An algebraic equation that expresses the relationship between asse...

where does capital come from (3) - investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting - financial and managerial managerial accounting - gather and analysis of information for internal use and decision making. financial accounting - gather, report, analysis of information for external users- investors and creditors. summary of a business what does managerial accounting review - product cost, breakeven analysis, budgeting, performance analysi...

The production budget - ANSWER Sales budget + ending finished goods inventory - beginning finished goods inventory direct materials production budget - ANSWER Production budget × direct materials per unit the direct materials purchases budget - ANSWER Direct materials production budget + ending direct materials inventory - beginning direct materials inventory Cash collected from customers - ANSWER (current period revenue × current period collection rate) + cash collected from previous p...

Which type of account are accounts payable and notes payable both examples of? Liability Asset Expense Equity ANS Liability 5 / 11 10. What is the purpose of the financial accounting cycle? To collect confidential information for management to use as a competitive tool 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 ANS To turn ...

What information does a balance sheet provide to a decision maker? Summary of the operating performance of a company during a period Summary of the financial position of a company at a particular date Summary of the cash flows of a company during a period Summary of the operating performance of a company at a particular date ANS - Summary of the financial position of a company at a particular date 19. What is an account payable? The amount owed by a company that purchased goods or servic...

WGU D196 Pre-Assessment Questions With Answers 2023/2024 | Latest Update Graded A

WGU D196 Exam Questions and Answers | Latest Update Graded A+ 2023/2024. For purposes of cash flow classification in the statement of cash flows, which item is an operating activity? Distributing dividends Paying employees Buying equipment 7 / 11 Selling bonds ANS Paying employees 16. How does a classified balance sheet provide useful information to a decision maker? It distinguishes between current and long-term assets. It provides data that are not publicly disclosed. It provides da...

WGU D196 Exam Questions and Answers | Latest Update Graded A+ 2023/2024. For purposes of cash flow classification in the statement of cash flows, which item is an operating activity? Distributing dividends Paying employees Buying equipment 7 / 11 Selling bonds ANS Paying employees 16. How does a classified balance sheet provide useful information to a decision maker? It distinguishes between current and long-term assets. It provides data that are not publicly disclosed. It provides da...

WGU D196 Pre-Assessment Questions With Answers 2023/2024 | Latest Update Graded A+. What is the impact of expenses on the accounting equation? Expenses decrease liabilities. Expenses increase liabilities. Expenses decrease owners' equity. Expenses increase owners' equity. ANS Expenses decrease owners' equity. 4 / 12 10. Which type of account are accounts payable and notes payable both examples of? Liability Expense Asset Equity ANS Liability 11. What is the purpose of the financia...

WGU D196: Pre-Assessment Questions With Answers | Latest Update Graded A+ | 100% Correct. 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 ANS Two parties exchanging some- thing of value 8. 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; liab...