WGU D196 TEST BANK FOR OA AND PREASSESSMENT
REVIEW 2024/2025 WITH 250 ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS (100% CORRECT ANSWERS) D196
PRACTICE EXAM 2024 (BRAND NEW!!
What is a transaction? --CORRECT ANSWER--Two parties exchanging something of value
What is the effect of a company's accounting department maintaining high ethical standards? --
CORRECT ANSWER--The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting information? --
CORRECT ANSWER--Financial statement data are often used in determining employee
bonuses.
Which group establishes financial accounting rules in the United States? --CORRECT
ANSWER--financial Accounting Standards Board (FASB)
Which report is one of the three primary financial statements? --CORRECT ANSWER--Assets
decrease by $5,000; expenses increase by $5,000
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company? --
CORRECT ANSWER--Assets increase by $80,000; liabilities increase by $80,000.
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? --CORRECT
ANSWER--Assets decrease by $5,000; expenses increase by $5,000.
What is the impact of expenses on the accounting equation? --CORRECT ANSWER--Expenses
decrease owners' equity.
Which type of account are accounts payable and notes payable both examples of? --CORRECT
ANSWER--Liability
What is the purpose of the financial accounting cycle? --CORRECT ANSWER--To turn
information about transactions into financial statements
According to the accounting equation, the amount of liabilities and equity must always be equal
to another amount.
What is that other amount? --CORRECT ANSWER--Assets
Which item is an expense item? --CORRECT ANSWER--Cost of goods sold
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