WGU C213 Home Study Thorough Review and Complete Answers Ace your first Attempt Updated 2024/2025
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WGU C213 Accounting for Decision Makers
Institution
WGU C213 Accounting For Decision Makers
WGU C213 Home Study Thorough Review and Complete Answers Ace your first Attempt Updated 2024/2025
Which two values affect the measurement of net income - Correct Answer Operating expenses & Ordinary gains and losses
Which two items' subtotals are included in a multi-step income statement - Co...
WGU C213 Home Study Thorough
Review and Complete Answers Ace
your first Attempt Updated
2024/2025
Which two values affect the measurement of net income -
Correct Answer Operating expenses & Ordinary gains and
losses
Which two items' subtotals are included in a multi-step income
statement - Correct Answer Gross profit & Income from
operations
Given the following, which month should advertising costs be
expensed by a company using accural based accounting: The
furniture company paid $3,000 for advertising that ran in the
local newspaper in November 2011. - Correct Answer
November 2011
How much insurance expense should a company using accrual
based accounting have recognized for the year ending in 2011
given the following:
Purchased equipment costing $500,000; useful life five year;
purchased a one-year insurance policy on this equipment, which
cost $6,000. - Correct Answer $4000
What will be the total impact of services provided on the balance
sheet other than an increase in cash of $4,000 given the
following:
,Services were provided worth $10,000; customers paid $4,000
up front and promised the balance next month. - Correct
Answer Accounts receivable will increase $6,000 & Retained
earnings will increase $10,000
What was the 2012 net profit amount if the 2013 pro-forma net
profit of $187,000 was based on a 22% increase - Correct
Answer $153,279
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 benefit does a corporation gain by following Generally
Accepted Accounting Principles (GAAP) - Correct Answer
Employees
Which benefit does a corporation gain by following Generally
Accepted Accounting Principles (GAAP) - 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 - 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
What impact does the sale of equipment have on the statement of
cash flows - Correct Answer Increase in cash from investing
activities
What is known about the direct and indirect methods of
preparing statements of cash flow - Correct Answer The
indirect method is more popular among large U.S. companies
Assuming the company uses US GAAP standards, what is the
total cash flow from financing activities, given the following:
Borrowing is 200,000; Payment of Dividends is -15,000;
Repurchase Stock is -40,000; Interest Payment on Long-Term
Debt -25,000 - Correct Answer $145,000
, Which two examples represent financial statement errors -
Correct Answer The accounting department miscalculates the
payroll tax due at year-end, resulting in an inaccurate liability &
The accountant unintentionally records amounts as revenue that
were prepaid by customers but not yet earned
Which internal control is intended to ensure that a company does
not mistakenly pay a supplier for an invoice that includes more
items than were actually received - Correct Answer The
inventory department counts and inspects items as received and
forwards the receiving record to accounts payable
What are two common reasons for managers to manipulate
reported earnings - Correct Answer They are feeling pressured
to meet internal sales goals; They are preparing to qualify for a
bank loan
Which two requirements must accounting firms that audit public
companies meet under the Sarbanes-Oxley Act - Correct
Answer Firms must not provide certain nonaudit services to
audit clients, such as management functions or legal services &
Firms must report to and be retained by the audit committee
rather than the CFO or other company management.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements - Correct
Answer They search for and investigate fraud & They review
financial records and internal controls
What is a significant role of the U.S. Securities and Exchange
Commission (SEC) in financial reporting - Correct Answer They
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