WGUl D196l Objectivel Assessmentl (Latestl 2025/l 2026l Update)l Principlesl ofl Financiall andl Manageriall Accountingl Review|l Q/Al |l Gradel A|l 100%l Correctl (Verifiedl Answers)
Q:l Whatl isl thel firstl stepl ofl thel financiall accountingl cyclel thatl Oliverl willl perform?
Answer:
Analyzel transactions
Q:l Whichl iteml isl al liability?
Answer:
Mortgage
Q:l Whichl ofl thel itemsl listedl shouldl Oliverl recordl asl anl externall transaction?
Answer:
Purchasesl ofl inventoryl froml suppliers
Q:l Afterl Oliverl recordsl eachl transaction,l howl shouldl hel ensurel thatl thel accountingl equationl remainsl inl balance?
Answer:
Addl upl thel balancesl inl alll ofl thel assetl accountsl andl comparel theml tol thel suml ofl alll thel liabilityl andl owners'l equityl accounts
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Q:l Afterl determiningl thel company'sl financiall position,l Oliverl recommendsl thatl thel companyl borrowl moneyl froml thel bankl forl thel nextl accountingl period.l Whatl isl thel effectl ofl borrowingl moneyl froml thel bankl forl thel nextl accountingl periodl onl thel company'sl books?
Answer:
Cashl (anl asset)l andl al liabilityl accountl bothl increase.
Q:l Inl thel contextl ofl thel financiall accountingl cycle,l whatl isl thel definitionl ofl anl account?
Answer:
Al specificl accountingl recordl thatl providesl anl efficientl wayl tol categorizel similarl typesl ofl transactions
Q:l Whatl isl anl arm's-lengthl transaction?
Answer:
Anl exchangel betweenl twol independentl parties
Q:l Whichl eventl representsl al transactionl recordedl asl partl ofl thel financiall accountingl cycle?
Answer:
Thel salel ofl al productl forl cashl orl onl account
Q:l Al companyl sellsl al productl tol al customerl onl account.l Whichl part(s)l ofl thel accountingl equationl doesl thisl particularl transactionl change?
Answer:
Bothl assetsl andl owners'l equity
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Q:l Whatl isl anl examplel ofl anl internall transaction?
Answer:
Anl employeel isl transferredl froml onel departmentl tol another.
Q:l Whichl accountl isl anl examplel ofl al liability?
Answer:
Accountsl payable
Q:l Whichl ofl thel primaryl financiall statementsl reportsl thel amountl ofl cashl collectedl andl paidl outl byl al company?
Answer:
Statementl ofl cashl flows
Thel statementl ofl cashl flowsl isl onel ofl thel threel primaryl financiall statements.l Thel statementl ofl cashl flowsl reportsl thel amountl ofl cashl collectedl andl paidl outl byl al companyl inl thel followingl threel typesl ofl activities:l operating,l investing,l andl financing.
Q:l Whatl isl thel namel forl thel authoritativel setl ofl accountingl standardsl inl thel Unitedl States?
Answer:
GAAP Correct!l Thisl standsl forl generallyl acceptedl accountingl principles.
Q:l Whichl statementl isl al correctl descriptionl ofl thel IASB?
Answer:
Itl establishesl internationall accountingl standards.
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Q:l Whichl actionl isl partl ofl thel financiall accountingl cycle?
Answer:
Summarizingl financiall informationl inl financiall statements
Q:l Whatl isl owners'l equity?
Answer:
Thel remainingl claiml tol thel assetsl ofl al businessl afterl liabilitiesl havel beenl deducted
Q:l Mostl businessesl havel al systematicl methodl forl analyzingl transactionsl andl collectingl andl recordingl transaction-relatedl information.l Thisl transformationl processl isl whichl partl ofl accounting?
Answer:
Thel accountingl cycle
Q:l Whichl eventl isl anl examplel ofl collecting,l analyzing,l andl summarizingl accountingl information?
Answer:
Gatheringl checkbookl information
Q:l Whichl accountingl transactionl shouldl bel recordedl inl thel booksl andl thel recordsl ofl al company?
Answer:
Purchasingl newl equipmentl forl thel company
Q:l Whichl eventl isl al transaction?
Answer:
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