WGU C213 Object Assessment Accounting for Decision Makers 2023/ 2024 Exam |Actual Questions and Verified Answers | A Grade
Q: Which of the following is NOT a reason for the integration of worldwide accounting standards?
Answer:
the theoretical necessity of a common set of accounting standa...
WGU C213 Object Assessment Accounting for Decision Makers 2023/ 2024 Exam |Actual Questions and Verified Answers | A Grade Q: Which of the following is NOT a reason for the integration of worldwide accounting standards? Answer: the theoretical necessity of a common set of accounting standards Q: The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? Answer: True Q: With the current state of information technology, investors outside a com - pany are now allowed access to a company's internal database of financial information and do their own customized analysis of a firm's performance. Answer: -False Q: Increased federal oversight of the audit process resulted from the passage of the following act of Congress - Answer: Sarbanes -Oxley Act Q: A borrower benefits from providing financial information regarding income and expenses in the form of a lower interest rate on the loan because of reduced uncertainty for the lender with regard to repayment. Answer: True Q: Which of the following is NOT one of the three primary financial state - ments? Answer: The Statement of Retained Earnings Q: One reason for a company's preparing and providing financial statements is to reduce uncertainty for an investor regarding the firm's future financial performance. Answer: True Q: Which of the following accounts is considered to be the most liquid? Answer: Cash Q: Which of the following types of accounts are NOT found on the balance sheet? Answer: Revenues Q: The financial statement that reports resources owned, the obligations to transfer resources to other organizations, and the claims by the entity's owners is known as the Answer: Balance sheet Q: The idea that the activities of the entity are to be separated from those of the individual owner is the Answer: Separate entity concept Q: The basic accounting equation is Answer: Assets = Liabilities + Owners' Equity Q: Which of the following would be included on an income statement? Answer: Rent expense Q: Costs that are incurred during the normal operations of a business to generate revenues are called Answer: Expenses Q: Another name for the income statement is Answer: Statement of earnings Q: Revenues cause Answer: An increase in net assets Q: The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n) Answer: Income Statement Q: Which of the following activities would NOT be classified as an investing activity? Answer: Purchase of inventory Q: A major source of cash from operating activities is Answer: Receipts from sale of goods Q: Which of the following classifications refers to those activities associated with buying and selling long -term assets? Answer: Investing Q: Which of the following classifications does NOT appear on the Statement of Cash Flows? Answer: Borrowing Q: Vital information that CANNOT be captured solely by dollar amounts is reported in a firm's
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