Accounting d196 - Study guides, Class notes & Summaries

Accounting d196 flashcards WGU

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 intended to be useful in making economic decisions Decision-Making Process Business An organization operated with the objective of making a profit from the sale of goods or services ...

Which primary area of accounting generates reports for internal users? Management Accounting What is the role of the IASB in regulating accounting standards? Establish international accounting standards What group of people make up the FASB? People from a variety of business-related backgrounds What is the role of the GASB in setting accounting standards? The GASB is a private-sector organization that establishes accounting and financial reporting standards for U.S. stat...

WGU D196 Final Exam Prep (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting- Questions and Verified Answers| 100% Correct| Grade A Q: Which type of account is retained earnings? Answer: Equity Q: For purposes of cash flow classification in the statement of cash flows, which item is an operating activity? Answer: Paying Employees Q: How does a classified balance sheet provide useful information to a decision maker? Answer: It distinguis...

D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A bookkeeping day to day keeping of transcations steps of decision making identify issue gather information identify alternatives select option that most likely results in desired objective accounting analysis of events record and report financial effects of business activities where does capital come from (3) investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting fi...

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WGU D196 Accounting managerial and financial Questions with Verified Answers

WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025 WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025

WGU D196 Pre- Assessment V1 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A Q: Which type of account are accounts payable and notes payable both examples of? Liability Expense Asset Equity Answer: Liability Q: 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 gene...

WGU D196 Pre- Assessment Version 1 (New 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| A Grade