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WGU C213 Accounting for Decision Makers PVAC all Questions & answers solved accurately with Complete Solution Graded A+ latest version $12.99   Add to cart
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WGU C213 Accounting for Decision Makers PVAC all Questions & answers solved accurately with Complete Solution Graded A+ latest version
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WGU C213 Accounting for Decision Makers PVAC all Questions & answers solved accurately with Complete Solution Graded A+ latest version

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  • July 6, 2024
  • 29
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • wgu c213 accounting for decision makers pvac all q

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WGU C213 Accounting for Decision
Makers PVAC
What does accounting focus on? - CORRECT ANSWER-The impact a
business's activities have on it's overall financial performance

The idea that the activities of the entity are to be separated from those of the
individual owner is the
Money measurement concept
Going concern assumption
Separate entity concept
Arm's-length transaction assumption - CORRECT ANSWER-Separate entity
concept

Going Concern Assumption - CORRECT ANSWER-the business will remain in
operation for the foreseeable future

Separate Entity Concept - CORRECT ANSWER-The business is treated as a
separate entity, separated from its owners, creditors and customers.

The idea that businesses must be accounted for as though they will exist at least
for the foreseeable future is the
Entity concept
Going concern concept
Arm's-length transaction assumption
Monetary measurement concept - CORRECT ANSWER-Going concern concept

Entity Concept - CORRECT ANSWER-separating the business affairs from the
personal affairs of the owner

Another name for the balance sheet is the
Statement of financial position
Retained earnings statement
Statement of cash flows
Statement of earnings - CORRECT ANSWER-Statement of financial position

,balance sheet - CORRECT ANSWER-A financial statement that reports assets,
liabilities, and owner's equity on a specific date.

Retained Earnings Statement - CORRECT ANSWER-A financial statement that
summarizes the changes in retained earnings for a specific period of time.

Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time? - CORRECT
ANSWER-Statement of cash flows

Which of the following is true of the balance sheet?
It discloses the amount of dividends paid.
It identifies a company's assets and liabilities as of a specific date.
It includes revenue and expense accounts.
It shows the results of operations for an accounting period. - CORRECT
ANSWER-

Financial Accounting Standards Board - CORRECT ANSWER-The body that
writes the generally accepted accounting principles by which the financial
statements of US firms must be prepared.

Owner's Equity - CORRECT ANSWER-the amount remaining after the value of
all liabilities is subtracted from the value of all assets

paid-in capital - CORRECT ANSWER-The amount stockholders paid into the
corporation in exchange for shares of ownership. Equity

Treasury Stock - CORRECT ANSWER-When a company buys back its own
shares

Given the following information, compute income from continuing operations -
Cost of Goods Sold $2,000
Extraordinary Item -170
Income Taxes 350
Interest Expense 200
Operating Expenses 1,500

, Sales 5,500 - CORRECT ANSWER-Answer: $1,450

$5,500 - $2,000 - $1,500 - $350 - $200 = $1,450

not Extraordinary Item $170

continuing operations - CORRECT ANSWER-The revenues, expenses, and
profit or loss generated from a company's ongoing activities. Not extraordinary
items

Which users would have a primary concern with an organization's ability to
provide healthcare benefits? - CORRECT ANSWER-Employees

Which of the following would be classified as a long-term asset?
Inventory
Accounts receivable
Land
Accounts payable - CORRECT ANSWER-Land

Which of the following accounts is NOT an asset account?
Prepaid Expenses
Accounts Receivable
Accounts Payable
Equipment - CORRECT ANSWER-Accounts Payable

What are asset accounts? - CORRECT ANSWER-Prepaid expenses, accounts
receivable, equipment, owners equity

Current assets usually are listed on a balance sheet in
Decreasing order of liquidity
A random fashion
Decreasing order of profitability
Increasing order of liquidity - CORRECT ANSWER-

The following data were taken from the records of Moss Corporation for the year
ending December 31, 2012:

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