WGU D196 OA AND PRE ASSESSMENT EXAM COMPLETE QUESTIONS WITH CORRECT ANSWERS GUARANTEED PASS | RATED A+

WGU D196 OA AND PRE ASSESSMENT EXAM COMPLETE QUESTIONS WITH CORRECT ANSWERS GUARANTEED PASS | RATED A+

1. Which type of account are accounts payable and notes payable both examples of?
-Asset
-Equity
-Expense
-Liability - Answer>>> Liability
2. What is the purpose of the financial accounting cycle?
-To turn information about transactions into financial statements
-To gather information related to the expenses and income generated by a company
-To produce and analyze a company's monthly bank statement
-To collect confidential information for management to use as a competitive tool - Answer>>>
To turn information about transactions into financial statements
3. According to the accounting equation, the amount of liabilities and equity must always be
equal to another amount.
What is that other amount?
-Cash
-The sum of expenses and dividends
-Assets
-The sum of revenues and expenses - Answer>>> Assets
4. Which item is an expense item?
-Accounts receivable
-Accounts payable
-Cost of goods sold
-Loans payable - Answer>>> Cost of goods sold
5. Tax accountant for wealthy people - Answer>>> Tax accountant for wealthy people
6. What is an example of direct materials?
Cost of saws and hammers in constructing a house
Cost of robotic equipment in making automobiles
Cost of aluminum in making an airplane
Cost of sandpaper in making wood furniture - Answer>>> Cost of aluminum in making an
airplane
7. What is an example of direct labor?
Wages for accounting staff in company headquarters
Wages for marketing staff in company headquarters
Wages for factory quality control inspectors
Wages for furniture assemblers in a wood furniture manufacturer - Answer>>> Wages for
furniture assemblers in a wood furniture manufacturer
8. What is an example of manufacturing overhead?
Cost of bricks in making a building
Cost of concrete in making a road
Cost of sandpaper in making wood furniture
Cost of aluminum in making an airplane - Answer>>> Cost of sandpaper in making wood
furniture
9. How is gross profit computed?
-Sales minus cost of goods sold
-Total revenues minus total expenses
-Accounts receivable minus accounts payable
-Total assets minus total liabilities - Answer>>> Sales minus cost of goods sold
10. Which type of account is retained earnings?
-Liability
-Asset
-Equity
-Revenue - Answer>>> Equity
11. For purposes of cash flow classification in the statement of cash flows, which item is an
operating activity?
-Buying equipment
-Paying employees
-Distributing dividends
-Selling bonds - Answer>>> Paying employees
12. How does a classified balance sheet provide useful information to a decision maker?
-It provides data for a period of time instead of as a point in time.
-It distinguishes between current and long-term assets.
-It distinguishes liabilities from expenses.
-It provides data that are not publicly disclosed. - Answer>>> It distinguishes between current
and long-term assets.
13. What information does a balance sheet provide to a decision maker?
-Summary of the operating performance of a company at a particular date
-Summary of the operating performance of a company during a period
-Summary of the cash flows of a company during a period
-Summary of the financial position of a company at a particular date - Answer>>> Summary of
the financial position of a company at a particular date

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