Exam (elaborations)
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified
- Course
- Institution
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Lectjoe. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.98. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
