WGU D196 ACCT 2020 Principles of Financial & Managerial Accounting Final Assessment Review Qns & Ans 2026

WGU D196 ACCT 2020 Principles of Financial & Managerial Accounting Final Assessment Review (Qns & Ans) 2026

1. 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
2. - 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