WGU ACCT 2020 Principles of Financial & Managerial Accounting Midterms (Qns & Ans) 2026

WGU ACCT 2020 Principles of Financial & Managerial Accounting Midterms (Qns & Ans) 2026

1. Which of the following best describes the primary purpose of
financial accounting?
 - A. Conducting market research
 - B. Providing financial information to external stakeholders for
decision-making
 - C. Developing new software applications
 - D. Managing daily business operations
 - ANS: B
 - Rationale: The primary purpose of financial accounting is to
provide financial information to external stakeholders, such as
investors, creditors, and regulators, to aid in decision-making.
2. What is the primary function of managerial accounting?
 - A. To manage daily business operations
 - B. To provide financial information to internal stakeholders
for decision-making
 - C. To conduct market research
 - D. To develop new software applications
 - ANS: B
 - Rationale: Managerial accounting provides financial
information to internal stakeholders, such as managers and

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