WGU C213 PA & OA Study Preparation Guide
Already Graded A+ 2026.QUESTIONS WITH 100%
CORRECT VERIFIED ANSWERS.
The impact a business's activities have on its overall financial performance ANSWER
>> What does accounting focus on?
Statement of cash flows ANSWER >> Which report summarizes cash collections and
cash expenditures from operating, investing, and financing activities over a period of
time?
1
,Employees ANSWER >> Which users would have a primary concern with an
organization's ability to provide healthcare benefits?
An increase in its compatibility to other companies ANSWER >> Which benefit does a
corporation gain by following Generally Accepted Accounting Principles (GAPP)?
The Public Company Accounting Oversight Board (PACOB) ANSWER >> Which body
regulates a certified public accounting firm's audit practices when the firm is auditing a
large publicly traded company?
Information technology ANSWER >> What has had the most significant impact on
Accounting practices?
Ownership and Debt ANSWER >> What two items of information are revealed on the
balance sheet?
Owners equity ANSWER >> Which term is defined as the residual in the net assets of a
company?
In 2014, a company provides services to a customer for which cash will be collected the
next year (2015). ANSWER >> Which situation should result in revenue recognition on
the income statement for the year ending 12/31/14 if the firm is using accrual
accounting?
Cash from financing activities ANSWER >> Which category on the statement of cash
flows summarizes cash receipts and payments to owners and creditors of the
company?
In the notes to financial statements ANSWER >> Where would an investor find a
summary of a company's significant accounting policies?
The company's financial statements fairly reflect its financial position ANSWER >>
Which assurance does an external audit report provide for its readers?
2
, 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
Conservatism ANSWER >> Information related to recognizing losses as they occur
Continual decrease in sales ANSWER >> What is consistent with a continual decline in
gross profit if the firm's cost of goods sold remains the same?
Notes payable expected to be paid in 18 months ANSWER >> Which form of debt
should be reported in the long-term liability category?
Operating expenses &
Ordinary gains and losses ANSWER >> Which values affect the measurement of net
income?
Gross profit &
Income from operations ANSWER >> Which items' subtotals are included in a multi-
step income statement?
Cash from investing activities ANSWER >> What is a common category in a statement
of cash flows?
Cash from financing activities ANSWER >> Which cash flow category would include
"cash received from investors"?
3
Already Graded A+ 2026.QUESTIONS WITH 100%
CORRECT VERIFIED ANSWERS.
The impact a business's activities have on its overall financial performance ANSWER
>> What does accounting focus on?
Statement of cash flows ANSWER >> Which report summarizes cash collections and
cash expenditures from operating, investing, and financing activities over a period of
time?
1
,Employees ANSWER >> Which users would have a primary concern with an
organization's ability to provide healthcare benefits?
An increase in its compatibility to other companies ANSWER >> Which benefit does a
corporation gain by following Generally Accepted Accounting Principles (GAPP)?
The Public Company Accounting Oversight Board (PACOB) ANSWER >> Which body
regulates a certified public accounting firm's audit practices when the firm is auditing a
large publicly traded company?
Information technology ANSWER >> What has had the most significant impact on
Accounting practices?
Ownership and Debt ANSWER >> What two items of information are revealed on the
balance sheet?
Owners equity ANSWER >> Which term is defined as the residual in the net assets of a
company?
In 2014, a company provides services to a customer for which cash will be collected the
next year (2015). ANSWER >> Which situation should result in revenue recognition on
the income statement for the year ending 12/31/14 if the firm is using accrual
accounting?
Cash from financing activities ANSWER >> Which category on the statement of cash
flows summarizes cash receipts and payments to owners and creditors of the
company?
In the notes to financial statements ANSWER >> Where would an investor find a
summary of a company's significant accounting policies?
The company's financial statements fairly reflect its financial position ANSWER >>
Which assurance does an external audit report provide for its readers?
2
, 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
Conservatism ANSWER >> Information related to recognizing losses as they occur
Continual decrease in sales ANSWER >> What is consistent with a continual decline in
gross profit if the firm's cost of goods sold remains the same?
Notes payable expected to be paid in 18 months ANSWER >> Which form of debt
should be reported in the long-term liability category?
Operating expenses &
Ordinary gains and losses ANSWER >> Which values affect the measurement of net
income?
Gross profit &
Income from operations ANSWER >> Which items' subtotals are included in a multi-
step income statement?
Cash from investing activities ANSWER >> What is a common category in a statement
of cash flows?
Cash from financing activities ANSWER >> Which cash flow category would include
"cash received from investors"?
3
