Exam (elaborations)
WGU C213 OA Prep all Questions & answers solved accurately with Complete Solution Graded A+ latest version
WGU C213 OA Prep all Questions & answers solved accurately with Complete Solution Graded A+ latest version
[Show more]
Content preview
WGU C213 OA PrepThe ability a company has to pay its debts in the short run is its
Liquidity
3 multiple choice options
Which of the following is a measure of the liquid position of a corporation?
Debt ratio
3 multiple choice options
Which of the following ratios is used to measure a firm's leverage?
Debt Ratio
3 multiple choice options
Which of the following ratios is used to measure the profit earned on each dollar
invested in a firm?
Return on Equity
2 multiple choice options
The emphasis in financial accounting is on which of the following external user
groups?
Investors and creditors
2 multiple choice options
The primary internal group that uses accounting information is
Management
2 multiple choice options
Internal reports are generally used by
,Management
3 multiple choice options
Which of the following is NOT an external user of financial information?
Management
3 multiple choice options
Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)?
It is a government agency
Generally accepted accounting principles are
Developed by accounting rule makers
2 multiple choice options
The initials GAAP stand for
Generally Accepted Accounting Principles
2 multiple choice options
The current standard-setting board for accounting in the private sector is the
Financial Accounting Standards Board (FASB)
2 multiple choice options
The organization that develops worldwide accounting standards is the
International Accounting Standards Board (IASB)
2 multiple choice options
The initials CPA stand for
Certified Public Accountant
,2 multiple choice options
Which of the following is NOT a service typically provided by large public
accounting firms?
Making management decisions
3 multiple choice options
Standards established by the International Accounting Standards Board are
referred to as
International Financial Reporting Standards
3 multiple choice options
Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States?
Internal Revenue Service
3 multiple choice options
Which of the following is NOT a reason for the integration of worldwide
accounting standards?
the theoretical necessity of a common set of accounting standards
3 multiple choice options
The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices?
True
1 multiple choice option
, 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.
False
1 multiple choice option
Increased federal oversight of the audit process resulted from the passage of the
following act of Congress -
Sarbanes-Oxley Act
3 multiple choice options
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
1 multiple choice option
Which of the following is NOT one of the three primary financial statements?
The Statement of Retained Earnings
3 multiple choice options
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
1 multiple choice option
Which of the following accounts is considered to be the most liquid?
Cash
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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$15.83. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now