WGUl D196l Objectivel Assessmentl (Latestl 2025/l 2026l Update)l Principlesl ofl Financiall andl Manageriall Accountingl Guide|l Q/Al |l Gradel A|l 100%l Correctl (Verifiedl Answers)
Q:l fasb-l whatl doesl itl standl for,l whol arel theyl andl whatl dol theyl do
Answer:
financiall accountingl standardsl board privatel group,l notl govtl agency,l nol legall authority,l conductedl ofl peoplel froml al varietyl ofl businessl relatedl backgrounds.l establishesl financiall accountingl andl reportingl standardsl forl privatel sectorl companiesl 1l ofl thel twol boardsl thatl makel upl GAAP
Q:l gasb-l whatl doesl itl standl for,l whol arel they,l whatl dol theyl do
Answer:
governmentall accountingl standardsl board setsl accountingl andl financiall reportingl standardsl forl statel andl legall governments.authorityl overl financiall reportingl byl governmentl entities 1l ofl thel twol boardsl thatl makel upl GAAP
Q:l gaap
Answer:
generallyl acceptedl accountingl principles
Q:l sec 1 / 4
Answer:
Securitiesl andl Exchangel Commission regulatesl usl stockl exchange.l providesl investorsl withl fulll andl fairl informationl aboutl publiclyl tradedl companies.legall punishment
Q:l iasb
Answer:
Internationall Accountingl Standardsl Board developl internationall accountingl standards.l madel upl ofl membersl froml manyl countries
Q:l aicpa
Answer:
americanl institutel ofl certifiedl publicl accountants administersl thel cpal exam.enforcesl professionall sanctionl byl takingl awayl cpal licensel whenl actedl unethically.
Q:l rolel andl purposel ofl accounting
Answer:
accumulatel andl reportl onl financiall informationl aboutl performance,l financiall position,l cashl flowl ofl al business.l usedl tol reachl decisionsl aboutl howl tol managel thel business,l investl inl it,l orl lendl moneyl tol it
Q:l whatl isl al balancel sheet
Answer:
statementl ofl whatl theyl havel andl howl theyl financedl itl atl al specificl pointl inl time.
Q:l balancel sheetl equation 2 / 4
Answer:
assetsl =l liabilitiesl +l ownersl equity
Q:l whatl arel assetsl andl examples
Answer:
whatl theyl ownl orl controll thatl willl providel probablel futurel benefits cash,l acctsl receivable,l inventory,l buildings,l land.
Q:l whatl arel liabilitiesl andl examples
Answer:
whatl wel owe.l obligationsl thatl requirel futurel sacrifice.l phonel bill,l carl loan,l acctsl payable,l fedl andl statel govtl tax,l mortgage,l unearnedl revenue
Q:l whatl isl ownersl equityl andl examples
Answer:
ownersl share,l stockholdersl equity,l howl muchl ownerl originallyl investedl inl businessl +l howl muchl profitl theyl havel leftl capitall stock-l amtl givenl byl shareholdersl tol obtainl sharesl ofl stock(capital=$l sol moneyl froml stocks) retainedl earnings-l earningsl retainedl inl business,l ex=l netl income
Q:l dol dividendsl increasel orl decreasel ownersl equity
Answer:
decrease
Q:l doesl investmentsl byl ownersl increasel orl decreasel ownersl equity
Answer: 3 / 4
increase
Q:l whatl isl anl incomel stmt
Answer:
analyzesl economicl performancel forl al specificl periodl ofl time.l statementl ofl income.l revenues,l expenses,l liabilities.
Q:l equationl forl netl income
Answer:
netl income=l revenuesl -l expenses
Q:l doesl revenuesl increasel orl decreasel netl assets
Answer:
increase
Q:l doesl expensesl increasel orl decreasel netl assets
Answer:
decrease
Q:l whatl isl revenue
Answer:
amountl ofl assetsl createdl froml sale.l products,l membership,l software,l hardware,l etc
Q:l whatl arel expenses
- / 4