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WGU D196 ACCT 2020 Principles of Financial & Managerial Accounting Final Assessment Review (Qns & Ans) 2026
- Which of the following is a primary objective of financial
accounting?
- A. To provide information for internal decision-making
- B. To prepare tax returns
- C. To provide financial information to external users
- D. To manage cash flow
- ANS: C. To provide financial information to external users - - Rationale: Financial accounting aims to provide accurate
financial information to external users such as investors, creditors,
and regulators.
2. What is the primary purpose of managerial accounting?
- A. To comply with regulatory requirements
- B. To provide information for internal decision-making
- C. To prepare financial statements
- D. To calculate tax liabilities
- ANS: B. To provide information for internal decisionmaking
- Rationale: Managerial accounting focuses on providing
relevant information to managers for planning, controlling, and
decision-making purposes.
3. Which of the following is an example of a fixed cost?
- A. Direct materials
- B. Direct labor
- C. Rent
- D. Sales commissions
- ANS: C. Rent
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