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WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified
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WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified
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WGU C213 Final Exam: ACCOUNTING FOR DECISIONMAKERS
Questions And Answers (2022/2023) Verified
1.What does accounting focus on(answer) The impact a business's activities have on its overall financial performance
2.Which report summarizes cash collections and cash expenditures from operating,
investing, andfinancing activitiesoveraperiod of time(answer) State- ment of cash flows
3.Which users would have a primary concern with an organization's ability to provide healthcare benefits(answer) Employees
4.Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company(answer) The Public Com- pany Accounting Oversight Board (PCAOB)
5.Whathashadthemostsignificant impactonaccounting practices(answer) Infor- mation technology
6.What two items of information are revealed on the balance sheet?
Choose 2 answers: Ownership. Debt
7.Which term is defined as the residual interest in the net assets of a company(answer) Owners' equity
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions And Answers (2022/2023) Verified 8.A corporation has total liabilities of $300 million, total owners' equity of
$100 million, and current assets of $50 million.
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions And Answers (2022/2023) Verified What is the value of the firm's long-term assets(answer) $350 million
9.Which situation should result in revenue recognition on the income state- ment for the year ending 12/31/14 if the firm is using accrual-basis account- ing(answer) In 2014, a company provides services to a customer for which cash will be collected the next year (2015).
10.Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company( answer) Cash flows from financing activities
11.Where would an investor find a summary of a company's significant accounting policies(answer) In the notes to financial statements
12.Which assurance does an external audit report provide for its readers?-
: The company's financial statements fairly reflect its financial position
13.Reliable: Information that can be verified
14.Relevant: Information having to do with the matter at hand
15.Material: Information that is important enough to make a difference
16.Conservatism: Information related to recognizing losses as they occur
17.steps in the decision cycle: 1 Prepare financial statements. 2 Analyze financial statements.
3Gather information.
4Make decision.
5Implement decision
18.Partial financial information for a company is as follows: Current assets $36,543
Total assets $58,719 Current liabilities $24,824 Total liabilities $48,561
Stockholders' equity $10,158 Sales $46,997
Net Income $ 3,761
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions And Answers (2022/2023) Verified
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