WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2 LATEST VERSIONS ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|ALREADY GRADED A+

WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2

LATEST VERSIONS 2023-2024 ACTUAL EXAM 200

QUESTIONS AND CORRECT DETAILED ANSWERS WITH

RATIONALES|ALREADY GRADED A+

VERSION A

What is NOT one of the three primary financial statements - ANSWERStatement of retained earnings

The initials GAAP stand for - ANSWER- Generally Accepted

Accounting Principles

The current standard-setting board for accounting in the private sector is

the - ANSWER- Financial Accounting Standards Board (FASB)

Which of the following organizations has specific legal authority to

establish accounting standards for publicly held companies - ANSWERSecurities and Exchange Commission (SEC)

Which is NOT a service typically provided by large public accounting

firms - ANSWER- making management decisions

The organization that develops worldwide accounting standards is the: -

ANSWER- International Accounting Standards Board (IASB)

The initials CPA stand for - ANSWER- certified public accountant

Which of the following financial statements reports a company's

resources, obligations, and owner's equity - ANSWER- Balance Sheet

Which of the following financial statements reports the excess of a

company's revenues over its expenses - ANSWER- Income statement

Which of the following financial statements reports the amount of cash

collected and paid out by a company - ANSWER- statement of cash

flows

The emphasis in financial accounting is on which of the following

external user groups - ANSWER- investors and creditors

The primary internal group that uses accounting information is: -

ANSWER- management

Internal reports are generally used by: - ANSWER- management

Which of the following is NOT an external user of financial

information?- - ANSWER- management

Which of the following is NOT true of the Financial Accounting

Standards Board (FASB) - ANSWER- It is a government agency

Which of the following is NOT a service typically provided by large

public accounting firms - ANSWER- making management decisions

Standards established by the International Accounting Standards Board

are referred to as: - ANSWER- International Financial Accounting

Standards

Which of the following is NOT a reason for the integration of worldwide

accounting standards - ANSWER- the theoretical necessity of a common

set of accounting standards.

the preservation of systematic, quantitative record of an activity -

ANSWER- bookkeeping

used by a business to handle routine bookkeeping tasks and to structure

the information so it can be used to evaluate the eprfomance and

financial status of a business - ANSWER- accounting system

Which of the following is the most correct definition of accounting -

ANSWER- A system for providing quantitative information, primarily

financial in nature, about economic entities that is intended to be useful

in making economic decisions

Which is NOT a key component of the definition of accounting -

ANSWER- Qualitative

What is NOT typically true of accounting information - ANSWER- The

information relates to future time periods.

What is true about the double-entry system of bookkeeping - ANSWERIt was developed in the 1300s 1400s in Italy.

Businesses use accounting systems to: - ANSWER- Analyze

transactions; Handle routine bookkeeping tasks; Evaluate performance

and health of the business.

What is not a function of accounting - ANSWER- Executing sales

transactions for organizations

Generally accepted accounting principles are - ANSWER- Developed by

accounting rule makers

info that is intended to be useful in making decisions about the future -

ANSWER- accounting information

who is financial accounting information primarily used by? - ANSWERexternal users

the name given to accounting systems designed for internal users -

ANSWER- managerial accounting