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D196 / D 196 Objective Assessment ( Update 2025/ 2026) Principles of Financial and Managerial Accounting Questions & Answers Grade
A - WGU
Question:
The language of business.
- Bookkeeping
- Financial Statements
- Reports
- Accounting
Answer:
- Accounting
- / 4
Question:
Shows the profitability of an organization by comparing revenues and expenses for a period of time.
- Income Statement
- Balance Sheet
- Statement of Cash Flows
Answer:
- Income Statement
Question:
The second step in the financial accounting cycle.
- Prepare Reports
- Record the Effects of Transactions
- Analyze Transactions
- Summarize the Effects of Transactions
Answer:
- Record the Effects of Transactions
- / 4
Question:
Utilities Expense is classified as? (pick one)
- Asset
- Liability
- Equity
- Revenue
- Expense
- Dividend
Answer:
- Expense
Question:
Notes Payable is classified as? (pick one)
- Asset
- Liability
- Equity
- Revenue
- Expense
- Dividend
Answer:
- Liability 3 / 4
Question:
Cash is classified as? (pick one)
- Asset
- Liability
- Equity
- Revenue
- Expense
- Dividend
Answer:
- Asset
Question:
Prepaid Expense is classified as? (pick one)
- Asset
- Liability
- Equity
- Revenue
- Expense
- Dividend
Answer:
- Asset
- / 4
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