WGU C213 Object Assessment Accounting for
Decision Makers 2024/ 2025 Exam |Actual
Questions and Verified Answers | A Grade
What does accounting focus on?
A. The impact a business's activities have on its relationships with customers.
B. The impact a business's activities have on the environment.
C. The impact a business's activities have on its public image.
D. The impact a business's activities have on its overall financial performance. -
ANSWER D. 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?
A. Cash receipts and disbursements sheet
B. Cash flow schedule
C. Summary of cash receipts
D. Statement of cash flows - ANSWER D. Statement
of cash flows
,Which users would have a primary concern with an organization's ability to
provide health benefits?
A. Competitors
B. Employees
C. Vendors
D. Suppliers - ANSWER B. Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)?
A. A decrease in its income tax obligations
B. A decrease in the amount of net income it reports
C. An increase in its comparability to other companies
D. An increase in the amount of assets it reports - ANSWER
C. 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?
,A. The Public Company Accounting Oversight Board (PCAOB)
B. The Financial Accounting Standards Board (FASB)
C. Another certified public accounting (CPA) firm
D. The Internal Revenue Service (IRS) - ANSWER A.
The Public Company Accounting Oversight Board (PCAOB)
What has had the most significant impact on accounting practices?
A. Certification requirements
B. New product innovations
C. Information technology
D. Mobile computing - ANSWER C. Information
technology
What two items of information are revealed on the balance sheet?
A. Ownership
B. Debt
C. Expenses
D. Revenues
E. Costs - ANSWER A. Ownership
, B. Debt
Which term is defined as the residual interest in the net assets of a company?
A. Operating income
B. Liabilities
C. Revenues
D. Owners' equity - ANSWER D. Owners' equity
A corporation has total liabilities of $300 million, total owners' equity of $100
million, and current assets of $50 million.What is the value of the firm's long-term
assets?
A. $250 million
B. $350 million
C. $400 million
D. $550 million - ANSWER B. $350 million
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