Exam (elaborations)
Accounting for Decision Makers - C213 Pre Assessment Questions And Answers.
- Course
- C213 Accounting
- Institution
- Western Governors University
Accounting for Decision Makers - C213 Pre Assessment Questions And Answers.
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Accounting for Decision Makers - C213 PreAssessment Questions And Answers
Which bof bthe bfollowing bis bthe bmost bcorrect bdefinition bof baccounting? b- bANS-A
bsystem bfor bproviding bquantitative binformation, bprimarily bfinancial bin bnature, babout
beconomic bentities bthat bis bintended bto bbe buseful bin bmaking beconomic bdecisions
What bis bNOT btypically btrue bof baccounting binformation? b- bANS-The binformation
brelates bto bfuture btime bperiods.
Which bis bNOT ba bkey bcomponent bof bthe bdefinition bof baccounting? b- bANS-
Qualitative
What bis btrue babout bthe bdouble-entry bsystem bof bbookkeeping? b- bANS-It bwas
bdeveloped bin bthe b1300s−1400s bin bItaly.
Businesses buse baccounting bsystems bto b- bANS-Analyze btransactions; bHandle
broutine bbookkeeping btasks; bEvaluate bperformance band bhealth bof bthe bbusiness.
What bis bnot ba bfunction bof baccounting? b- bANS-Executing bsales btransactions bfor
borganizations
What bis bNOT bone bof bthe bthree bprimary bfinancial bstatements? b- bANS-Statement bof
bretained bearnings
Generally baccepted baccounting bprinciples bare b- bANS-Developed bby baccounting brule
bmakers
The binitials bGAAP bstand bfor b- bANS-Generally bAccepted bAccounting bPrinciples
The bcurrent bstandard-setting bboard bfor baccounting bin bthe bprivate bsector bis bthe b-
bANS-Financial bAccounting bStandards bBoard b(FASB)
Which bof bthe bfollowing borganizations bhas bspecific blegal bauthority bto bestablish
baccounting bstandards bfor bpublicly bheld bcompanies? b- bANS-Securities band
bExchange bCommission b(SEC)
Which bis bNOT ba bservice btypically bprovided bby blarge bpublic baccounting bfirms? b-
bANS-Making bmanagement bdecisions
,The borganization bthat bdevelops bworldwide baccounting bstandards bis bthe b- bANS-
International bAccounting bStandards bBoard b(IASB)
The binitials bCPA bstand bfor b- bANS-Certified bPublic bAccountant
Which bof bthe bfollowing bfinancial bstatements breports ba bcompany's bresources,
bobligations, band bowner's bequity? b- bANS-Balance bsheet
Which bof bthe bfollowing bfinancial bstatements breports bthe bexcess bof ba bcompany's
brevenues bover bits bexpenses? b- bANS-Income bstatement
Which bof bthe bfollowing bfinancial bstatements breports bthe bamount bof bcash bcollected
band bpaid bout bby ba bcompany? b- bANS-Statement bof bcash bflows
The bemphasis bin bfinancial baccounting bis bon bwhich bof bthe bfollowing bexternal buser
bgroups? b- bANS-Investors band bcreditors
The bprimary binternal bgroup bthat buses baccounting binformation bis b- bANS-
Management
Internal breports bare bgenerally bused bby b- bANS-Management
Which bof bthe bfollowing bis bNOT ban bexternal buser bof bfinancial binformation? b- bANS-
Management
Which bof bthe bfollowing bis bNOT btrue bof bthe bFinancial bAccounting bStandards bBoard
b(FASB)? b- bANS-It bis ba bgovernment bagency
Generally baccepted baccounting bprinciples bare b- bANS-Developed bby baccounting brule
bmakers
The binitials bGAAP bstand bfor b- bANS-Generally bAccepted bAccounting bPrinciples
The bcurrent bstandard-setting bboard bfor baccounting bin bthe bprivate bsector bis bthe b-
bANS-Financial bAccounting bStandards bBoard b(FASB)
Which bof bthe bfollowing borganizations bhas bspecific blegal bauthority bto bestablish
baccounting bstandards bfor bpublicly bheld bcompanies? b- bANS-Securities band
bExchange bCommission b(SEC)
Which bof bthe bfollowing bis bNOT ba bservice btypically bprovided bby blarge bpublic
baccounting bfirms? b- bANS-Making bmanagement bdecisions
The borganization bthat bdevelops bworldwide baccounting bstandards bis bthe b- bANS-
International bAccounting bStandards bBoard b(IASB)
, The binitials bCPA bstand bfor b- bANS-Certified bPublic bAccountant
Standards bestablished bby bthe bInternational bAccounting bStandards bBoard bare
breferred bto bas b- bANS-International bFinancial bAccounting bStandards
Which bof bthe bfollowing bis bNOT ba breason bfor bthe bintegration bof bworldwide
baccounting bstandards? b- bANS-the btheoretical bnecessity bof ba bcommon bset bof
baccounting bstandards
The bInternational bAccounting bStandards bBoard b(IASB) bis bcharged bwith bdeveloping
bworldwide baccounting bpractices b- bANS-True
With bthe bcurrent bstate bof binformation btechnology, binvestors boutside ba bcompany
bare bnow ballowed baccess bto ba bcompany's binternal bdatabase bof bfinancial
binformation band bdo btheir bown bcustomized banalysis bof ba bfirm's bperformance. b-
bANS-False
Increased bfederal boversight bof bthe baudit bprocess bresulted bfrom bthe bpassage bof
bthe bfollowing bact bof bCongress b- bANS-Sarbanes-Oxley bAct
Steps bin bthe bdecision bcycle bfrom bfirst b(1) bto blast b(5) b- bANS-Prepare bfinancial
bstatements
Analyze bfinancial bstatements
Gather binformation
Make bdecision
Implement bdecision
What bis bthe bprice-earnings b(PE) bratio bfor bthis bcompany?
Partial bfinancial binformation bfor ba bcompany bis bas bfollows:
Current bassets b$36,543
Total bassets b$58,719
Current bliabilities b$24,824
Total bliabilities b$48,561
Stockholders' bequity b$10,158
Sales b$46,997
Net bIncome b$ b3,761
Market bvalue bof bshares b$41,316 b- bANS-11.0
What bdoes bit bmean bif ba bcompany bhas ba bdebt bratio bof b101.5%? b- bANS-The
bcompany bhas b1.5% bmore btotal bliabilities bthan btotal bassets.
What bis bconsistent bwith ba bcontinual bdecline bin bgross bprofit bif bthe bfirm's bcost bof
bgoods bsold bremains bthe bsame? b- bANS-Continual bdecrease bin bsales
Which btwo bcash bflow badequacy bratios brepresent ba bcash bcow? b- bANS-
$6,991/$5,486 b& b$5,220/$1,875
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