WGU C213 Accounting for Decision Makers Exam Questions and Answers (2022/2023) (Verified Answers)
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Course
C213 Accounting
Institution
C213 Accounting
1. What has had the most significant impact on account- Information tech- ing practices? 2. What two items of information are revealed on the balance sheet? Choose 2 answers Ownership ,Debt, Expenses Revenues Costs 3. Which situation should result in revenue recognition on the income statemen...
1 what has had the most significant impact on account information tech ing practices 2 what two items of information are revealed on the balance sheet choose 2 answers ownership
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C213 Accounting
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C213 Accounting
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1. What has had the most significant impact on account- Information
tech-
ing practices? nology
2. What two items of information are revealed on Ownership
the balance sheet? Choose 2 answers and Debt
Ownership ,Debt, Expenses Revenues Costs
3. Which situation should result in revenue -In 2014, a
recognition on the income statement for the year com- pany
ending 12/31/14 if the firm is using accrual-basis provides ser-
accounting? vices to a cus-
-In 2014, a company enters into a contract whereby tomer for which
it agrees to provide services to a customer next cash will be col-
year (2015). lected the next
-In 2014, a company collects cash from a customer year (2015).
for services it will provide next year (2015).
-In 2014, a company provides services to a
customer for which cash will be collected the next
year (2015).
4. cost pool collection of
costs
to be assigned
to the cost
objects
5. cost driver An activity that
af-
fects a
particular cost
is a(n):
A factor,
1/
,C213 Accounting
Study online at
https://quizlet.com/_8g6p1f such as
ma-
chine-hours,
beds occupied,
com- puter
time, or flight-
hours, that
causes
overhead
costs.
2/
, C213 Accounting
Study online at
https://quizlet.com/_8g6p1f
6. Accrual Accounting accounting
method that
records
revenues and
expenses when
they occur, not
necessarily
when cash
actually
changes hands.
a company
provides
services to a
customer for
which cash will
be collected the
next year
7. Which term is defined as the residual interest in Owner's equity
the net assets of a company?
8. cash flow from financing activities The section of
the statement
of cash
receipts,
payments,
repay- ing,
cash flows from
transactions
affecting the
3/
, C213 Accounting
Study online at
https://quizlet.com/_8g6p1f equi- ty and
debt of the
business.
4/
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