Latest Update - (Latest Update) Principles of Financial and Man...

D196 / D 196 Objective Assessment (Latest Update 2025/ 2026) Principles of Financial and Managerial Accounting | Questions & Answers | 100% Correct | 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