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WGU C213 Pre-assessment (Accounting) all Questions & answers solved accurately with Complete Solution Graded A+ latest version
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WGU C213 Pre-assessment (Accounting) all Questions & answers solved accurately with Complete Solution Graded A+ latest version

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  • July 6, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
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WGU C213 Pre-assessment (Accounting)
2023

What does accounting focus on?
- The impact a business's activities have on its relationships with customers
- The impact a business's activities have on the environment.
- The impact a business's activities have on its public image.
- The impact a business's activities have on its overall financial performance. -
CORRECT ANSWER-The impact a business's activities on its overall financial
performance.

Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time?
- Cash receipts and disbursements sheet
- Cash flow schedule
- Summary of cash receipts
- Statement of cash flows - CORRECT ANSWER-Statement of cash flows

Which users would have a primary concern with an organization's ability to
provide healthcare benefits?
- Competitors
- Employees
- Vendors
- Suppliers - CORRECT ANSWER-Employees

Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)?
- A decrease in its income tax obligations
- A decrease in the amount of net income it reports
- An increase in its comparability to other companies
- An increase in the amount of assets it reports - CORRECT ANSWER-An
increase in its comparability to other companies.

,Which body regulates a certified public accounting firm's audit practices when the
firm is auditing a large publicly traded company?
- The Public Company Accounting Oversight Board (PCAOB)
- The Financial Accounting Standards Board (FASB)
- Another certified public accounting firm (CPA)
- The Internal Revenue Service (IRS) - CORRECT ANSWER-The Public
Company Accounting Oversight Board (PCAOB)

What has had the most significant impact on accounting practices? - CORRECT
ANSWER-Information technology

What two items of information are revealed on the balance sheet? - CORRECT
ANSWER-Ownership and Debt

Which term is defined as the residual interest in the net assets of a company? -
CORRECT ANSWER-Owners' equity

A corporation has a 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? - CORRECT ANSWER-$350 Million. Combine the liabilities with assets.

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? -
CORRECT 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? - CORRECT ANSWER-Cash
flows from financing activities

Where would an investor find a summary of a company's significant accounting
policies? - CORRECT ANSWER-In the notes to financial statements

Which assurance does an external audit report provide for its readers?
- The company will be a good credit risk
- The company will generate net income.
- The company's financial statements fairly reflect its financial position.

, - The company will generate positive cash flows - CORRECT ANSWER-The
company's financial statements fairly reflect its financial position

Order the steps in the decision cycle from first to last: Gather information,
prepare financial statements, analyze financial statements, make decision, and
implement decision. - CORRECT ANSWER-Prepare financial statements,
analyze financial statements, gather information, make decision, and 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? - CORRECT
ANSWER-11.0 Market value of shares/net income

What does it mean if a company has a debt ratio of 101.5%? - CORRECT
ANSWER-The company has 1.5% more total liabilities than total assets.

What is consistent with a continual decline in gross profit if the firm's cost of
goods sold remains the same?
- Continual decrease in salaries
- Continual increase in interest
- Continual increase in taxes
- Continual decrease in sales - CORRECT ANSWER-Continual decrease in
sales

Which two cash flow adequacy ratios represent a cash cow?: - 4,510/4932, -
6,991/5,486, - 8,091/9374, - 5220/1875, - or 7589/9210. - CORRECT
ANSWER-6,991/5,486 and 5,220/1,875

Which formula yields a cash time interest earned ratio of 11?

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