WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS Exam WITH 100 Questions AND ANSWERS
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Course
WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS
Institution
WGU C213 OA 2024 ACCOUNTING FOR DECISION MAKERS
WGU C213 OA 2024 ACCOUNTING FOR
DECISION MAKERS Exam WITH
100 Questions AND ANSWERS
What is known about the direct and indirect methods of preparing
statements of cash flows? - The direct method is more popular among large US companies - The indirect method is more popular among large US c...
Which two examples represent financial statement errors? Choose 2
answers
- An accounting employee overpays a supplier and receives a portion of the
excess as a kickback
- The accounting department miscalculates the payroll tax due at year-end,
resulting in an inaccurate liability
- The outside auditor disagrees with the amount reported as an allowance
for uncollectible accounts receivable
- The accountant unintentionally records amounts as revenue that were
prepaid by customers but not yet earned - ANSWER-The accounting
, 3|Page
department miscalculates the payroll tax due at year-end, resulting in an
inaccurate liability. The accountant unintentionally records amounts as
revenue that were prepaid by customers but not yet earned.
Which internal control is intended to ensure that a company does not
mistakenly pay a supplier for an invoice that includes more items than were
actually received?
- The purchasing department authorizes the order of all items before they
occur
- The company requires two signatures on each check in order for payment
to be sent
- The inventory department counts and inspects items as received and
forwards the receiving record to accounts payable
- The accounts payable department utilizes pre-numbered checks in the
payment of supplier invoices. - ANSWER-The inventory department counts
and inspects items as received and forwards the receiving record to
accounts payable.
What are two common reasons for managers to manipulate reported
earnings? Choose 2 answers
- They are feeling pressured to meet internal sales goals.
- They are preparing to qualify for a bank loan.
- They are feeling pressured to comply with an external auditor.
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