WGU C213 Actual preparation test exam with Thorough and Correct Answers Updated 2024/2025
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WGU C213 Accounting for Decision Makers
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WGU C213 Accounting For Decision Makers
WGU C213 Actual preparation test exam with Thorough and Correct Answers Updated 2024/2025
What is a common category in a statement of cash flows? - Correct Answer Cash from investing activities
Which cash flow category would include cash received from investors? - Correct Answer Cash from fin...
WGU C213 Actual preparation test
exam with Thorough and Correct
Answers Updated 2024/2025
What is a common category in a statement of cash flows? -
Correct Answer Cash from investing activities
Which cash flow category would include cash received from
investors? - Correct Answer Cash from financing activities
Which item is an investing activity? - Correct Answer Cash
payments for purchase of plant assets
What impact does the sale of equipment have on the statement of
cash flows? - Correct Answer Increase in cash from investing
activities
What is known about the direct and indirect methods of
preparing statements of cash flow? - Correct Answer The
indirect method is more popular among large US companies
Which two examples represent financial statement errors? -
Correct Answer The accounting dept. miscalculates the payroll
tax due at year-end, resulting in an inaccurate liability.
The accountant unintentionally records amounts as revenue that
were prepaid by customers but not yet earned.
Which internal control is intended to ensure that a company does
not mistakenly pay a supplier for an invoice that includes more
items than were actually received? - Correct Answer The
inventory department counts and inspects items as received and
forwards the receiving record to accounts payable
, What are two common reasons for managers to manipulate
reported earnings? - Correct Answer They are preparing to
qualify for a bank loan.
They are feeling pressured to meet internal sales goals.
Which two requirements must accounting firms that audit public
companies meet under the Sarbanes-Oxley Act? - Correct
Answer Firms must report to and be retained by the audit
committee rather than the CFO or other company management.
Firms must help to develop and enforce a code of ethics on audit
clients.
Which two requirements must management of public companies
under the Sarbanes-Oxley Act? - Correct Answer They must
provide an assessment of the effectiveness of internal controls
with each annual report.
They must support a stronger board and audit committee.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements? - Correct
Answer They review financial records and internal controls.
They search for and investigate fraud.
What is a significant role of the US Securities and Exchange
Commission (SEC) in financial reporting? - Correct Answer
They ensure that financial users are provided with reliable
information to use in decision making
What does management accounting provide? - Correct Answer
The insight that management needs so the business can perform
more effectively.
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