WGU C213 Problem set study Exam Questions and Correct Answers Guaranteed Success 2024/2025
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Course
WGU C213 Accounting for Decision Makers
Institution
WGU C213 Accounting For Decision Makers
WGU C213 Problem set study Exam Questions and Correct Answers Guaranteed Success 2024/2025
What is operating activities? - Correct Answer all categories on the income statement and all current assets and liabilities. sales, COGS, operating expenses.
What is investing activities? - Correct Ans...
WGU C213 Problem set study Exam
Questions and Correct Answers
Guaranteed Success 2024/2025
What is operating activities? - Correct Answer all categories on
the income statement and all current assets and liabilities. sales,
COGS, operating expenses.
What is investing activities? - Correct Answer balance sheet
accounts; long term assets. property, plant, equipment,
investments, cash paid for equipment or investments
What is financing activities? - Correct Answer balance sheet
accounts. long term liabilities and equity. mortgage payable;
common stock and additional paid in capital, retained earnings
Explain Accrual Accounting. - Correct Answer Income and
expenses are recorded as they occur, regardless of whether or
not cash has actually exchanged hands.
When is revenue recognized? - Correct Answer When the
promised work is done and cash collection must be reasonably
assured.
When are expenses recognized? - Correct Answer When they
are incurred.
,Define variable costs and fixed costs. - Correct Answer Variable
costs: a cost that changes directly with change in the level of
sales production.
Fixed costs: a cost that doesn't change based on changes in the
level of sales production.
Manufacturing Overhead. - Correct Answer All manufacturing
costs except direct materials and direct labor
Sunk costs are? - Correct Answer Costs that are made in the
past and cannot be recovered
How to calculate product costs. - Correct Answer Direct labor +
Direct materials + Factory overhead
How to calculate factory overhead. - Correct Answer Indirect
labor + Indirect materials + Factory expenses
What is a balance sheet? - Correct Answer The financial
position of a company at a moment in time.
What is the income statement? - Correct Answer The financial
performance of company over a period of time.
What is the statement of cash flows? - Correct Answer Cash
receipts and disbursements of a company over a period of time
What does accounting focus on? - Correct Answer The impact a
business's activities have on its overall financial performance
, 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 users would have a primary concern with an
organization's ability to provide healthcare benefits? - Correct
Answer Employees
Which body regulates a certified public accounting firm's audit
practices when the firm is auditing a large publicly traded
company? - Correct Answer The Public Company Accounting
Oversight Board (PCAOB)
What has had the most significant impact on accounting
practices? - Correct Answer Information technology
What is a common category in a statement of cash flows? -
Correct Answer Cash from investing activities
Which cash flow category would include "cash received from
investors"? - Correct Answer Cash from financing activities
Which item is an investing activity? - Correct Answer Cash
payments for purchase of plant assets
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