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C213 WGU OA Prep all Questions & answers solved accurately with Complete Solution Graded A+ latest version
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C213 WGU OA Prep all Questions & answers solved accurately with Complete Solution Graded A+ latest version

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  • July 6, 2024
  • 38
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • c213 wgu oa prep all questions answers solved ac

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C213 WGU OA Prep

The ability a company has to pay its debts in the short run is its
Liquidity




Which of the following is a measure of the liquid position of a corporation?
Debt ratio
3 multiple choice options


Which of the following ratios is used to measure a firm's leverage?
Debt Ratio
3 multiple choice options


Which of the following ratios is used to measure the profit earned on each dollar
invested in a firm?
Return on Equity
2 multiple choice options


The emphasis in financial accounting is on which of the following external user
groups?
Investors and creditors
2 multiple choice options


The primary internal group that uses accounting information is
Management
2 multiple choice options


Internal reports are generally used by

,Management
3 multiple choice options


Which of the following is NOT an external user of financial information?
Management
3 multiple choice options


Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)?
It is a government agency


Generally accepted accounting principles are
Developed by accounting rule makers

2 multiple choice options


The initials GAAP stand for
Generally Accepted Accounting Principles
2 multiple choice options


The current standard-setting board for accounting in the private sector is the
Financial Accounting Standards Board (FASB)
2 multiple choice options


The organization that develops worldwide accounting standards is the
International Accounting Standards Board (IASB)
2 multiple choice options


The initials CPA stand for
Certified Public Accountant

,2 multiple choice options


Which of the following is NOT a service typically provided by large public
accounting firms?
Making management decisions
3 multiple choice options


Standards established by the International Accounting Standards Board are
referred to as
International Financial Reporting Standards

3 multiple choice options


Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States?
Internal Revenue Service

3 multiple choice options


Which of the following is NOT a reason for the integration of worldwide
accounting standards?
the theoretical necessity of a common set of accounting standards

3 multiple choice options


The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices?
True
1 multiple choice option

, With the current state of information technology, investors outside a company are
now allowed access to a company's internal database of financial information
and do their own customized analysis of a firm's performance.
False
1 multiple choice option


Increased federal oversight of the audit process resulted from the passage of the
following act of Congress -
Sarbanes-Oxley Act

3 multiple choice options


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.
True
1 multiple choice option


Which of the following is NOT one of the three primary financial statements?
The Statement of Retained Earnings

3 multiple choice options


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.
True
1 multiple choice option


Which of the following accounts is considered to be the most liquid?
Cash

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