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
WGU C213 Accounting for Decision Makers PVAC all Questions & answers solved accurately with Complete Solution Graded A+ latest version CA$18.71   Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU
  4.  
  5. WGU
  6.  
  7. WGU

Exam (elaborations)

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

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

Preview 3 out of 29  pages

Document information

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

Subjects

  • wgu c213 accounting for decision makers pvac all q

Written for

All documents for this subject (6285)

Seller

avatar-seller
stephanvdb04

Reviews received

Content preview

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:

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 CA$18.71. 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
CA$18.71
  • (0)
  Add to cart