C213 Accounting for Decision Makers-2 WGU with answers 2024/2025

C213 Accounting for Decision Makers-2 WGU Understanding of a business increases as one associates the individual asset, liability, and equity accounts with the underlying business activities that give rise to them. T/F - correct answer True Assets and liabilities are generally classified as _______________ or _________ __________. - correct answer current or long term. Current Asset - correct answer one that is expected to be used within one year of the balance sheet date. Long term assets include - correct answer property, plant and equipment, investments in other companies, and bonds or notes receivable Current Liabilities - correct answer liabilities due within a short time, usually within a year long-term debt - correct answer a liability that falls due beyond one year from the date of the financial statements Companies can issue what two kinds of stock? - correct answer common and preferred Common stockholders are the true owners of a business. T/F - correct answer True