100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
C213 Accounting for Decision Makers - Pre Assessment all Questions & answers solved accurately with Complete Solution Graded A+ latest version $12.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU
  4.  
  5. WGU
  6.  
  7. WGU

Exam (elaborations)

C213 Accounting for Decision Makers - Pre Assessment all Questions & answers solved accurately with Complete Solution Graded A+ latest version
 3 views  0 purchase
  • Course
  • WGU
  • Institution
  • WGU

C213 Accounting for Decision Makers - Pre Assessment all Questions & answers solved accurately with Complete Solution Graded A+ latest version

Preview 3 out of 23  pages

Document information

  • July 6, 2024
  • 23
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • c213 accounting for decision makers pre assessm

Written for

  • WGU
All documents for this subject (6285)

Seller

avatar-seller
stephanvdb04

Reviews received

Content preview

Accounting for Decision Makers - C213
Pre Assessment
Which of the following is the most correct definition of accounting? - CORRECT
ANSWER-A system for providing quantitative information, primarily financial in
nature, about economic entities that is intended to be useful in making economic
decisions

What is NOT typically true of accounting information? - CORRECT
ANSWER-The information relates to future time periods.

Which is NOT a key component of the definition of accounting? - CORRECT
ANSWER-Qualitative

What is true about the double-entry system of bookkeeping? - CORRECT
ANSWER-It was developed in the 1300s−1400s in Italy.

Businesses use accounting systems to - CORRECT ANSWER-Analyze
transactions; Handle routine bookkeeping tasks; Evaluate performance and
health of the business.

What is not a function of accounting? - CORRECT ANSWER-Executing sales
transactions for organizations

What is NOT one of the three primary financial statements? - CORRECT
ANSWER-Statement of retained earnings

Generally accepted accounting principles are - CORRECT ANSWER-Developed
by accounting rule makers

The initials GAAP stand for - CORRECT ANSWER-Generally Accepted
Accounting Principles

The current standard-setting board for accounting in the private sector is the -
CORRECT ANSWER-Financial Accounting Standards Board (FASB)

,Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - CORRECT
ANSWER-Securities and Exchange Commission (SEC)

Which is NOT a service typically provided by large public accounting firms? -
CORRECT ANSWER-Making management decisions

The organization that develops worldwide accounting standards is the -
CORRECT ANSWER-International Accounting Standards Board (IASB)

The initials CPA stand for - CORRECT ANSWER-Certified Public Accountant

Which of the following financial statements reports a company's resources,
obligations, and owner's equity? - CORRECT ANSWER-Balance sheet

Which of the following financial statements reports the excess of a company's
revenues over its expenses? - CORRECT ANSWER-Income statement

Which of the following financial statements reports the amount of cash collected
and paid out by a company? - CORRECT ANSWER-Statement of cash flows

The emphasis in financial accounting is on which of the following external user
groups? - CORRECT ANSWER-Investors and creditors

The primary internal group that uses accounting information is - CORRECT
ANSWER-Management

Internal reports are generally used by - CORRECT ANSWER-Management

Which of the following is NOT an external user of financial information? -
CORRECT ANSWER-Management

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

, Generally accepted accounting principles are - CORRECT ANSWER-Developed
by accounting rule makers

The initials GAAP stand for - CORRECT ANSWER-Generally Accepted
Accounting Principles

The current standard-setting board for accounting in the private sector is the -
CORRECT ANSWER-Financial Accounting Standards Board (FASB)

Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - CORRECT
ANSWER-Securities and Exchange Commission (SEC)

Which of the following is NOT a service typically provided by large public
accounting firms? - CORRECT ANSWER-Making management decisions

The organization that develops worldwide accounting standards is the -
CORRECT ANSWER-International Accounting Standards Board (IASB)

The initials CPA stand for - CORRECT ANSWER-Certified Public Accountant

Standards established by the International Accounting Standards Board are
referred to as - CORRECT ANSWER-International Financial Accounting
Standards

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

The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices - CORRECT ANSWER-True

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. - CORRECT
ANSWER-False

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 stephanvdb04. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

70055 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart