Wgu D774 Objective Assessement Final Version 2 /Wgu D774 Introduction to Business Oa Exam
ACCO100 Accounting — exam and revision material · Other
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Accounting exam material, 8 pages. Originally published on StudyMerit.
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- 8
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- 2025/2026
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- English
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WGU D774 Intro to Business Accounting Students also studied Western Governors University D 196 Save D775 WGU Section 1 72 terms man1529 Preview D774 - Assessment Study Guide PAR ... 76 terms evelyn8880 Preview D775 - Assessment Study Guide PAR ... 78 terms evelyn8880 Preview D775 In 243 term Kris In which country was the double-entry accounting system developed in the 15th century? Italy 3 multiple choice options Which major economic event followed soon after the Stock Market Crash of 1929? Great Depression 3 multiple choice options Which economic event immediately preceded and led to the passage of the Sarbanes-Oxley Act of 2002? Dot-com bubble 3 multiple choice options Why are there no standardized regulations relating to the production of managerial accounting information? Company managers can generate any information they want to help them make better decisions, so no outside regulation is needed. 3 multiple choice options What is a common use of managerial accounting information? Making better planning, operating, and evaluating decisions inside a company 3 multiple choice options Which report is one of the three primary financial statements? Income statement 3 multiple choice options Who performs external audits of financial statements? Certified Public Accountant (CPA) 3 multiple choice options Who selects a corporation’s board of directors? Shareholders of the corporation 3 multiple choice options What is an advantage of structuring a business as a corporation? Legal existence separated from that of the shareholders 3 multiple choice options
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What is one of the characteristics of a corporation? Ease of transfer of ownership 3 multiple choice options What is contained in Securities and Exchange Commission Form 10-K? Annual audited financial statements 3 multiple choice options Why would a company's employees be directly interested in the company's income statement? To assess the current profitability of the company, its performance, and its liquidity 3 multiple choice options Which information is contained in the reported amount of net income? The amount by which revenues exceed expenses 3 multiple choice options Which measurement is highlighted in the multi-step format for the income statement? Operating income 3 multiple choice options Which label refers to the costs of buying or making the products a company sells? Cost of sales 3 multiple choice options Which item is listed first on the income statement? Revenues 3 multiple choice options Which item is reported in an income statement? Revenues 3 multiple choice options In which situation does a company report revenue? When products or services are sold 3 multiple choice options Which item should be reported as revenue in the income statement? Amount earned from customers for the sale of goods 3 multiple choice options
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Alliah Company is preparing to do an initial public offering (IPO) of its shares next year. Alliah knows that investors use a company’s net income in their valuation models to determine how much an IPO company’s shares are worth. Alliah’s founders are eager for this IPO to do well so that their many years of work will be validated in the stock market. Here are some data from Alliah Company’s financial statements:Inventory Accounts Payable Expenses Capital Stock (also called Paid-in Capital) Accounts Receivable Cash Retained Earnings Revenue Building Loans Payable Which items are used to compute Alliah’s net income? Revenue and expenses 3 multiple choice options The financial records for Freedom Rock Bicycles contain the following accounts. Salary expense Cash Sales Inventory Income tax expense Accounts receivable Which items should be used to compute Freedom Rock’s net income? Sales, salary expense, and income tax expense 3 multiple choice options The amount of a company’s assets and the amount of the company’s liabilities are known. Which computation should be performed to determine the company’s owners’ equity amount according to the accounting equation? Assets minus liabilities 3 multiple choice options Alliah Company’s financial records include these accounts at the end of the year. Land Accounts Receivable Buildings Inventory Loans Payable Accounts Payable Retained Earnings Capital Stock (also called Paid-in Capital) Cash Which set of items is a complete listing of Alliah’s current assets? Cash, accounts receivable, and inventory 3 multiple choice options How does capital stock differ from inventory? Capital stock is equity; inventory is an asset. 3 multiple choice options
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