INTERMEDIATE ACCOUNTING 1 WGUEXAM

INTERMEDIATE ACCOUNTING 1 (WGU)|EXAM

QUESTIONS AND 100% CORRECT

ANSWERS|LATEST 2025/2026|GRADED A+

CharacteristicsBofBAccountingB-BANSWER- theBidentification,Bmeasurement,BandBcommunicationBofBfinancialBinformationBaboutBec onomicBentitiesBtoBinterestedBparties

FinancialBAccountingB-BANSWER- PreparationBofBfinanicalBreports

ManagerialBAccountingB-BANSWER- usingBfinancialBinformationBtoBplan,Bcontrol,BandBevaluateBaBcompany'sBoperations

FinancialBStatementsB-BANSWER- 1.BBalanceBSheet 2.BIncomeBStatement 2.BStatementBofBRetainedBEarningsB(owner'sBequity) 4.BStatementBofBCashBFlows

FinancialBReportsB-BANSWER- 1.BPresident'sBLetter 2.BProspectuses 3.BNewsBReleases 4.BManagementBForecasts 5.BImpactBStatementsB(socialBorBenvironmental)

CapitalBAllocationB-BANSWER- 1.BResourcesBareBlimited 2.BEffectiveBprocessBofBcapitalBallocationBisBcriticalBtoBaBhealthyBeconomy 3.BPromotesBproductivity,BencouragesBinnovations,BandBprovidesBanBefficientBandBliquidBmarketB forBbuyingBandBsellingBsecurities

ObjectiveBofBFinancialBReportingB-BANSWER- toBprovideBfinancialBinformationBaboutBtheBreportingBentityBthatBisBusefulBtoBpresentBandB 1 / 3

potentialBequityBinvestors,Blenders,BandBotherBcreditorsBinBdecisionsBaboutBprovidingBresourcesB toBtheBentity

General-PurposeBFinancialBStatementsB-BANSWER- 1.BprovideBfinancialBreportingBinformationBtoBaBwideBvarietyBofBusers 2.BmostBusefulBinformation 3.Bcost-effective

EquityBInvestorsBandBCreditorsB-BANSWER- 1.BprimaryBusersBforBgeneralBpurposeBfinancialBstatements 2.BStatementsBusedBtoBdetermineBabilityBtoBgenerateBnetBcashBflowsBandBtoBunderstandBmanage ment'sBabilityBtoBprotectBandBenhanceBassets

EntityBPerspectiveB-BANSWER- companiesBviewedBasBseparateBandBdistinctBfromBtheirBowners

Decision-UsefulnessB-BANSWER- 1.BApproachBthatBrequiresBthatBfinancialBreportingBbeBusefulBtoBinvestorsBbyBhelpingBthe mBassessB(1)BtheBcompany'sBabilityBtoBgenerateBnetBcashBinflowsBandB(2)Bmanagement'sBabilityBt oBprotectBandBenhanceBtheBcapitalBproviders'Binvestments.

AccrualBBasisBofBAccountingB-BANSWER- 1.BtheBmethodBofBaccountingBthatBrecognizesBrevenueBwhenBitBisBearnedBandBmatchesBex pensesBtoBtheBrevenuesBtheyBhelpedBproduce 2.BabilityBtoBgenerateBfavorableBcashBflows

NeedBtoBDevelopBStandardsB-BANSWER- 1.BGenerallyBAcceptedBAccountingBPrinciplesB(GAAP) 2.BallowsBforBcommonalityBofBfinancialBstatementsBsoBtheyBcanBbeBreadBfromBoneBcompanyBtoBan other

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GenerallyBAcceptedB-BANSWER- 1.BauthoritativeBaccountingBrule- makingBbodyBestablishedBaBprincipleBofBreportingBinBanBarea OR 2.BoverBtimeBaBgivenBpracticeBhasBbeenBacceptedBasBappropriateBbecauseBofBitsBuniversalBusesBor Bapplication

PartiesBInvolvedBinBStandardBSettingB-BANSWER- 1.BSecuritiesBandBExchangeBCommissionB(SEC) 2.BAmericanBInstituteBofBCertifiedBPublicBAccountantsB(AICPA) 3.BFinancialBAccountingBStandardsBBoardB(FASB)

SecuritiesBandBExchangeBCommissionB(SEC)B-BANSWER- 1.BdevelopBandBstandardizeBfinancialBinformationBpresentedBtoBstockholders 2.BreliesBonBtheBFinancialBAccountingBStandardsBBoardB(FASB)

AmericanBInstituteBofBCertifiedBPublicBAccountantsB(AICPA)B-BANSWER- 1.BcreatedBtheBCommitteeBonBAccountingBProcedureB(CAP)BtoBaddressBtheBissueBofBunifor mityBinBaccountingBpracticeB(20Byears) 2.BCAPBissuedB51BAccountingBResearchBBulletinsB(ARBs)BthatBnarrowedBtheBwideBrangeBofBaltern ativeBaccountingBpracticesBinBexistence 3.BcreatedBtheBAccountingBPrinciplesBBoardB(APB)BafterBCAP.BPurposeBwasBtoBadvanceBtheBwritte nBexpressionBofBaccountingBprinciples,BdetermineBappropriateBpractices,BandBtoBnarrowBtheBare asBofBdifferenceBandBinconsistencyBinBpractice.BPronouncementsBareBtheBmostBauthoritative

AccountingBPrinciplesBBoardB(APB)B-BANSWER- 1.BAICPA'sBsoleBauthorityBforBpublicBpronouncementsBonBaccountingBprinciples 2.BAPBBOpinionsBwereBintendedBtoBbeBbasedBmainlyBonBresearchBstudiesBandBbeBsupportedBbyBre asonBandBanalysis

FinancialBAccountingBStandardsBBoardB(FASB)B-BANSWER- 1.BTheBprimaryBaccountingBstandard-settingBbodyBinBtheBUnitedBStates.

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