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WGU C213 Pre Assessment 2024 Questions and Answers 100% Pass
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WGU C213 Pre Assessment 2024 Questions and Answers 100% Pass 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 ...

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  • December 17, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wgu c213 pre assessment 2024 questions and answers

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WGU C213 Pre Assessment 2024
Questions and Answers 100% Pass

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


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

- ANSWER ✔✔-Employees


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




Created by ©EmilyCharlene 2025. All rights reserved.

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A corporation has total liabilities of $300 million, total owners' equity of $100 million, and current assets

of $50 million.




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).


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


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.



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, 3|Page


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.


Which formula yields a cash times interest earned ratio of 11? - ANSWER ✔✔-Cash before interest and

taxes of $11,000 / cash paid for interest of $1,000


Which form of debt should be reported in the long-term liability category? - ANSWER ✔✔-Notes payable

expected to be paid in 18 months




Created by ©EmilyCharlene 2025. All rights reserved.

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