Wgu d076 exam/ wgu d076
financial skills for manager
latest exam 2024-2025
actual 350 questions and
correct detailed answers
(verified answers)|
Graded a+
Managers use business accounting information --ANSWERWhen
deciding to give pay raises
The government uses business accounting information --
ANSWER-When auditing tax records
Distinguish between managerial accounting and financial
accounting.-ANSWER-Managerial accounting involves
reporting financial data to internal users and Financial
accounting is financial accounting refers to the aggregation of
accounting information into financial statements
The best accounting system is the one that meets the business's-
ANSWER-needs and requirenments
What are the five characteristics that are common to all effective
accounting systems?-ANSWER-Easy to use, Processes data
quickly, Expandable, Affordable to operate, and Protects the
business
What are the six steps in the accounting cycle?-ANSWERanalyzing
financial transactions, journalizing transactions,
posting to ledgers, balancing the books, preparing financial
statements, and closing the books.
What are three examples of transaction source documents?-
ANSWER-documents, checks, and receipts
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