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WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+ $17.99   Add to cart

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WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+

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WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATE...

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  • October 30, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WGU C213 PRE ASSESSMENT
  • WGU C213 PRE ASSESSMENT
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WGU C213 PRE ASSESSMENT EXAM |
QUESTIONS & 100% CORRECT
ANSWERS (VERIFIED) | LATEST 2024.
UPDATE20 | GRADE A+


What does accounting focus on?
ti ti ti ti




Correct Answer: The impact a business's activities have on its overall financial performance
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Which report summarizes cash collections and cash expendituresfrom operating, investing,
ti ti ti ti ti ti ti ti ti ti




ti and financing activities over a period of time?
ti ti ti ti ti ti ti




Correct Answer: Statement of cash flows
ti t i ti ti ti




Which users would have a primaryconcern with an organization's ability to provide healthcare
ti ti ti ti ti ti ti ti ti ti ti ti ti




ti benefits?

Correct Answer: Employees
ti t i




Which body regulates a certified public accounting firm's audit practices when the firm is
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ti auditing a large publicly traded company?
ti ti ti ti ti




Correct Answer: The Public Company Accounting Oversight Board (PCAOB)
ti t i ti ti ti ti ti ti




What has had the most significant impact on accounting practices?
ti ti ti ti ti ti ti ti ti

,Correct Answer: Information technology ti t i ti




What two items of information are revealed on the balance sheet?
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Choose2 answers ti ti




CorrectAnswer: Ownership. ti t i




ti Debt



Which term is defined as the residual interest in the net assets of a company?
ti ti ti ti ti ti ti ti ti ti ti ti ti ti




Correct Answer: Owners' equity ti t i ti




A corporation has total liabilities of $300 million, total owners' equity of $100 million, and
ti ti ti ti ti ti ti ti ti ti ti ti ti ti




ti current assets of $50 million.
ti ti ti ti




What is the value of the firm's long-term assets?
ti ti ti ti ti ti ti ti




Correct Answer: $350 million ti t i ti




Which situation should result in revenue recognition on the income statement for the year
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ti ending 12/31/14 if the firm is using accrual-basis accounting?
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Correct Answer: In 2014, a company provides services to a customer for which cash will
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ti be collected the next year (2015).
ti ti ti ti ti

,Which categoryon the statement of cash flows summarizes cash receipts and payments to
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ti owners and creditors of the company?
ti ti ti ti ti




Correct Answer: Cash flows from financing activities
ti ti ti ti ti




Where would an investor find a summaryof a company's significant accounting policies?
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Correct Answer: In the notes to financial statements
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Which assurance does an external audit report provide for its readers?
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Correct Answer: The company's financial statements fairly reflect its financial position
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Reliable

Correct Answer: Information that can be verified
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Relevant

Correct Answer: ti Information having to do with the matter at hand ti ti ti ti ti ti ti ti




Material

Correct Answer: Information that is important enough to make a difference
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Conservatism

Correct Answer: ti Information related to recognizing losses as they occur ti ti ti ti ti ti ti

, What are steps in the decision cycle?
ti ti ti ti ti ti




Correct Answer: 1 Prepare financial statements. ti t i ti ti ti




2 Analyze financial statements.
ti ti ti




3 Gather information.
ti ti




4 Make decision.
ti ti




5 Implement decision.
ti ti




Partial financial information for a company is as follows:
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Current assets $36,543 ti ti




t i Total assets $58,719
ti ti




t i Current liabilities $24,824 ti ti




ti Total liabilities $48,561
ti ti




ti Stockholders'equity$10,158 ti ti




ti Sales $46,997 ti




Net Income $ 3,761
ti ti ti




Marketvalue of shares$41,316 ti ti ti ti




What is the price-earnings (PE) ratio for this company?
ti ti ti ti ti ti ti ti




Correct Answer: 11.0 ti t i




What is consistent with a continual decline in gross profit if the firm's cost of goods sold remains
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ti the same?
ti




Correct Answer: Continual decrease in sales ti t i ti ti ti

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