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WGU C213 Topics 1-6 Quizzes all Questions & answers solved accurately with Complete Solution Graded A+ latest version
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WGU C213 Topics 1-6 Quizzes all Questions & answers solved accurately with Complete Solution Graded A+ latest version

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  • July 6, 2024
  • 24
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • wgu c213 topics 1 6 quizzes all questions answer

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WGU C213 Topics 1-6 Quizzes 2024
The emphasis in financial accounting is on which of the following external user
groups? - CORRECT ANSWER-Investors and creditors

The primary internal group that uses accounting information is? - CORRECT
ANSWER-Management

Internal reports are generally used by? - CORRECT ANSWER-Management

Which of the following is NOT an external user of financial information? -
CORRECT ANSWER-Management

Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)? - CORRECT ANSWER-It is a government agency

Generally accepted accounting principles are? - CORRECT
ANSWER-Developed by accounting rule makers

The initials GAAP stand for? - CORRECT ANSWER-Generally Accepted
Accounting Principles

The current standard-setting board for accounting in the private sector is the? -
CORRECT ANSWER-Financial Accounting Standards Board (FASB)

Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States? - CORRECT
ANSWER-Internal Revenue Service

The organization that develops worldwide accounting standards is the? -
CORRECT ANSWER-International Accounting Standards Board (IASB)

Standards established by the International Accounting Standards Board are
referred to as? - CORRECT ANSWER-International Financial Accounting
Standards

,Which of the following is NOT a service typically provided by large public
accounting firms? - CORRECT ANSWER-Making management decisions

Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - CORRECT
ANSWER-Securities and Exchange Commission (SEC)

Which of the following is NOT a reason for the integration of worldwide
accounting standards? - CORRECT ANSWER-The theoretical necessity of a
common set of accounting standards

The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices? True or False? - CORRECT ANSWER-True

With the current state of information technology, investors outside a company are
now allowed access to a company's internal database of financial information
and do their own customized analysis of a firm's performance. True or False? -
CORRECT ANSWER-False

While the technology may be available, companies are still not allowing outsiders
access to their internal accounting records. True or False? - CORRECT
ANSWER-True

Increased federal oversight of the audit process resulted from the passage of the
following act of Congress - - CORRECT ANSWER-Sarbanes-Oxley Act

A borrower benefits from providing financial information regarding income and
expenses in the form of a lower interest rate on the loan because of reduced
uncertainty for the lender with regard to repayment. True or False? - CORRECT
ANSWER-True

Which of the following is NOT one of the three primary financial statements? -
CORRECT ANSWER-The Statement of Retained Earnings

One reason for a company's preparing and providing financial statements is to
reduce uncertainty for an investor regarding the firm's future financial
performance. True or False? - CORRECT ANSWER-True

, Which of the following distinguishes between current and long-term assets? -
CORRECT ANSWER-Classified balance sheet

Which of the following financial statements provides a picture of the enterprise at
a particular point in time? - CORRECT ANSWER-Balance sheet

Which of the following is the reason that the accounting equation is true by
definition? - CORRECT ANSWER-Liabilities and owner's equity are the sources
that fund the purchase of assets

The idea that businesses must be accounted for as though they will exist at least
for the forseeable future is the? - CORRECT ANSWER-Going concern concept

Revenues cause? - CORRECT ANSWER-An increase in net assets

Which of the following is an overall measure of the performance of a business
entity's activities? - CORRECT ANSWER-Net income (or net loss)

The financial statement that presents a summary of the revenues and expenses
of a business for a specific period of time, such as a month or a year, is called
a(n)? - CORRECT ANSWER-Income Statement

Which of the following would be included on an income statement? - CORRECT
ANSWER-Rent expense

Another name for the income statement is? - CORRECT ANSWER-Statement of
earnings

Which of the following classification does NOT appear on the Statement of Cash
Flows? - CORRECT ANSWER-Borrowing

Which of the following classifications refers to those activities whereby cash is
obtained or repaid to owners and creditors? - CORRECT ANSWER-Financing

Which of the following activities would NOT be classified as an investing activity?
- CORRECT ANSWER-Purchase of inventory

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