100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+ $17.99   Add to cart

Exam (elaborations)

WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+

 1 view  0 purchase
  • Course
  • WGU C213 PRE ASSESSMENT
  • Institution
  • WGU C213 PRE ASSESSMENT

WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST 2024. UPDATE20 | GRADE A+WGU C213 PRE ASSESSMENT EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATE...

[Show more]

Preview 4 out of 32  pages

  • October 30, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WGU C213 PRE ASSESSMENT
  • WGU C213 PRE ASSESSMENT
avatar-seller
Wisdoms
WGU C213 PRE ASSESSMENT EXAM |
QUESTIONS & 100% CORRECT
ANSWERS (VERIFIED) | LATEST 2024.
UPDATE20 | GRADE A+


What does accounting focus on?
ti ti ti ti




Correct Answer: The impact a business's activities have on its overall financial performance
ti t i ti ti ti ti ti ti ti ti ti ti




Which report summarizes cash collections and cash expendituresfrom operating, investing,
ti ti ti ti ti ti ti ti ti ti




ti and financing activities over a period of time?
ti ti ti ti ti ti ti




Correct Answer: Statement of cash flows
ti t i ti ti ti




Which users would have a primaryconcern with an organization's ability to provide healthcare
ti ti ti ti ti ti ti ti ti ti ti ti ti




ti benefits?

Correct Answer: Employees
ti t i




Which body regulates a certified public accounting firm's audit practices when the firm is
ti ti ti ti ti ti ti ti ti ti ti ti ti




ti auditing a large publicly traded company?
ti ti ti ti ti




Correct Answer: The Public Company Accounting Oversight Board (PCAOB)
ti t i ti ti ti ti ti ti




What has had the most significant impact on accounting practices?
ti ti ti ti ti ti ti ti ti

,Correct Answer: Information technology ti t i ti




What two items of information are revealed on the balance sheet?
ti ti ti ti ti ti ti ti ti ti




Choose2 answers ti ti




CorrectAnswer: Ownership. ti t i




ti Debt



Which term is defined as the residual interest in the net assets of a company?
ti ti ti ti ti ti ti ti ti ti ti ti ti ti




Correct Answer: Owners' equity ti t i ti




A corporation has total liabilities of $300 million, total owners' equity of $100 million, and
ti ti ti ti ti ti ti ti ti ti ti ti ti ti




ti current assets of $50 million.
ti ti ti ti




What is the value of the firm's long-term assets?
ti ti ti ti ti ti ti ti




Correct Answer: $350 million ti t i ti




Which situation should result in revenue recognition on the income statement for the year
ti ti ti ti ti ti ti ti ti ti ti ti ti




ti ending 12/31/14 if the firm is using accrual-basis accounting?
ti ti ti ti ti ti ti ti




Correct Answer: In 2014, a company provides services to a customer for which cash will
ti t i ti ti ti ti ti ti ti ti ti ti ti ti




ti be collected the next year (2015).
ti ti ti ti ti

,Which categoryon the statement of cash flows summarizes cash receipts and payments to
ti ti ti ti ti ti ti ti ti ti ti ti ti




ti owners and creditors of the company?
ti ti ti ti ti




Correct Answer: Cash flows from financing activities
ti ti ti ti ti




Where would an investor find a summaryof a company's significant accounting policies?
ti ti ti ti ti ti ti ti ti ti ti ti




Correct Answer: In the notes to financial statements
ti ti ti ti ti ti




Which assurance does an external audit report provide for its readers?
ti ti ti ti ti ti ti ti ti ti




Correct Answer: The company's financial statements fairly reflect its financial position
ti ti ti ti ti ti ti ti ti




Reliable

Correct Answer: Information that can be verified
ti ti ti ti ti




Relevant

Correct Answer: ti Information having to do with the matter at hand ti ti ti ti ti ti ti ti




Material

Correct Answer: Information that is important enough to make a difference
ti ti ti ti ti ti ti ti ti




Conservatism

Correct Answer: ti Information related to recognizing losses as they occur ti ti ti ti ti ti ti

, What are steps in the decision cycle?
ti ti ti ti ti ti




Correct Answer: 1 Prepare financial statements. ti t i ti ti ti




2 Analyze financial statements.
ti ti ti




3 Gather information.
ti ti




4 Make decision.
ti ti




5 Implement decision.
ti ti




Partial financial information for a company is as follows:
ti ti ti ti ti ti ti ti




Current assets $36,543 ti ti




t i Total assets $58,719
ti ti




t i Current liabilities $24,824 ti ti




ti Total liabilities $48,561
ti ti




ti Stockholders'equity$10,158 ti ti




ti Sales $46,997 ti




Net Income $ 3,761
ti ti ti




Marketvalue of shares$41,316 ti ti ti ti




What is the price-earnings (PE) ratio for this company?
ti ti ti ti ti ti ti ti




Correct Answer: 11.0 ti t i




What is consistent with a continual decline in gross profit if the firm's cost of goods sold remains
ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti




ti the same?
ti




Correct Answer: Continual decrease in sales ti t i ti ti ti

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Wisdoms. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (0)
  Add to cart