Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? - Answer-Cash flows from financing
activities
What will be the total impact of these services provided on the company's balance sheet
other than an increase in cash of $4,...
WGU C213 Pre Assessment 2025 Update
Questions & Answers Graded A+
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? - Answer-Cash flows from financing
activities
What will be the total impact of these services provided on the company's balance sheet
other than an increase in cash of $4,000?
Choose 2 answers - Answer-Accounts receivable will increase $6,000. Retained
earnings will increase $10,000.
What was the 2012 net profit amount if the 2013 pro-forma net profit of $187,000 was
based on a 22% increase? - Answer-$153,279
Which body regulates a certified public accounting firm's audit practices when the firm is
auditing a large publicly traded company? - Answer-The Public Company Accounting
Oversight Board (PCAOB)
What has had the most significant impact on accounting practices? - Answer-
Information technology
What two items of information are revealed on the balance sheet?
Choose 2 answers - Answer-Ownership.
Debt
Which term is defined as the residual interest in the net assets of a company? - Answer-
Owners' equity
A corporation has total liabilities of $300 million, total owners' equity of $100 million, and
current assets of $50 million.
Which users would have a primary concern with an organization's ability to provide
healthcare benefits? - Answer-Employees
What is the value of the firm's long-term assets? - Answer-$350 million
Which situation should result in revenue recognition on the income statement for the
year ending 12/31/14 if the firm is using accrual-basis accounting? - Answer-In 2014, a
company provides services to a customer for which cash will be collected the next year
(2015).
, What does accounting focus on? - Answer-The impact a business's activities have on its
overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? - Answer-Statement of cash
flows
Where would an investor find a summary of a company's significant accounting
policies? - Answer-In the notes to financial statements
Which assurance does an external audit report provide for its readers? - Answer-The
company's financial statements fairly reflect its financial position
Reliable - Answer-Information that can be verified
Relevant - Answer-Information having to do with the matter at hand
Material - Answer-Information that is important enough to make a difference
Conservatism - Answer-Information related to recognizing losses as they occur
What are steps in the decision cycle? - Answer-1 Prepare financial statements.
2 Analyze financial statements.
3 Gather information.
4 Make decision.
5 Implement decision.
Partial financial information for a company is as follows:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales $46,997
Net Income $ 3,761
Market value of shares $41,316
What is the price-earnings (PE) ratio for this company? - Answer-11.0
What is consistent with a continual decline in gross profit if the firm's cost of goods sold
remains the same? - Answer-Continual decrease in sales
Which two cash flow adequacy ratios represent a cash cow? - Answer-$6,991/$5,486.
$5,220/$1,875.
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