WGU C213 Object Assessment Accounting for Decision
Makers 2024/ 2025 Exam |Actual Questions and
Verified Answers | A Grade
What does accounting focus on? - 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? - ANSWER Statement of cash flows
Which users would have a primary concern with an organization's ability to provide healthcare
benefits? - ANSWER Employees
Which body regulates a certified public accounting firm's audit practices when the firm is
auditing a large publicly traded company? - ANSWER The Public Company
Accounting Oversight Board (PCAOB)
,What has had the most significant impact on accounting practices? - ANSWER
Information technology
What two items of information are revealed on the balance sheet?
Choose 2 ANSWERs - ANSWER Ownership.
Debt
Which term is defined as the residual interest in the net assets of a company? - ANSWER
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? - ANSWER $350 million
Which situation should result in revenue recognition on the income statement for the year
ending 12/31/14 if the firm is using accrual-basis accounting? - ANSWER In
2014, a company provides services to a customer for which cash will be collected the next year
(2015).
, Which category on the statement of cash flows summarizes cash receipts and payments to
owners and creditors of the company? - ANSWER Cash flows from financing
activities
Where would an investor find a summary of a company's significant accounting policies? -
ANSWER In the notes to financial statements
Which assurance does an external audit report provide for its readers? - ANSWER
The company's financial statements fairly reflect its financial position
Reliable - ANSWER Information that can be verified
Relevant - ANSWER Information having to do with the matter at hand
Material - ANSWER Information that is important enough to make a
difference
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