4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
WGU C213 Pre-assessment (Accounting) Exam
Questions and answers with verified Answers
(Latest Update 2026) UPDATE!!
Save
Terms in this set (70)
What does accounting focus on? The impact a business's activities on its overall
- The impact a business's activities financial performance.
have on its relationships with
customers
- The impact a business's activities
have on the environment.
- The impact a business's activities
have on its public image.
- The impact a business's activities
have on its overall financial
performance.
Which report summarizes cash Statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
- Cash receipts and disbursements
sheet
- Cash flow schedule
- Summary of cash receipts
- Statement of cash flows
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,4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
- Competitors
- Employees
- Vendors
- Suppliers
Which benefit does a corporation An increase in its comparability to other
gain by following Generally companies.
Accepted Accounting Principles
(GAAP)?
- A decrease in its income tax
obligations
- A decrease in the amount of net
income it reports
- An increase in its comparability to
other companies
- An increase in the amount of assets
it reports
Which body regulates a certified The Public Company Accounting Oversight Board
public accounting firm's audit (PCAOB)
practices when the firm is auditing a
large publicly traded company?
- The Public Company Accounting
Oversight Board (PCAOB)
- The Financial Accounting Standards
Board (FASB)
- Another certified public accounting
firm (CPA)
- The Internal Revenue Service (IRS)
What has had the most significant Information technology
impact on accounting practices?
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 2/31
,4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
What two items of information are Ownership and Debt
revealed on the balance sheet?
Which term is defined as the residual Owners' equity
interest in the net assets of a
company?
A corporation has a total liabilities of $350 Million. Combine the liabilities with assets.
$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?
Which situation should result in In 2014, a company provides services to a customer
revenue recognition on the income for which cash will be collected the next year
statement for the year ending (2015).
12/31/14 if the firm is using accrual-
basis accounting?
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and
creditors of the company?
Where would an investor find a In the notes to financial statements
summary of a company's significant
accounting policies?
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 3/31
, 4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
Which assurance does an external The company's financial statements fairly reflect its
audit report provide for its readers? financial position
- The company will be a good credit
risk
- The company will generate net
income.
- The company's financial statements
fairly reflect its financial position.
- The company will generate positive
cash flows
Order the steps in the decision cycle Prepare financial statements, analyze financial
from first to last: Gather information, statements, gather information, make decision, and
prepare financial statements, analyze implement decision
financial statements, make decision,
and implement decision.
Partial financial information for a 11.0 Market value of shares/net income
company is as follows:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales$46,997
Net Income $3,761
Market value of shares $41,316
What is the price-earnings (PE) ratio
for this company?
What does it mean if a company has The company has 1.5% more total liabilities than
a debt ratio of 101.5%? total assets.
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 4/31
WGU C213 Pre-assessment (Accounting) Exam
Questions and answers with verified Answers
(Latest Update 2026) UPDATE!!
Save
Terms in this set (70)
What does accounting focus on? The impact a business's activities on its overall
- The impact a business's activities financial performance.
have on its relationships with
customers
- The impact a business's activities
have on the environment.
- The impact a business's activities
have on its public image.
- The impact a business's activities
have on its overall financial
performance.
Which report summarizes cash Statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
- Cash receipts and disbursements
sheet
- Cash flow schedule
- Summary of cash receipts
- Statement of cash flows
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 1/31
,4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
- Competitors
- Employees
- Vendors
- Suppliers
Which benefit does a corporation An increase in its comparability to other
gain by following Generally companies.
Accepted Accounting Principles
(GAAP)?
- A decrease in its income tax
obligations
- A decrease in the amount of net
income it reports
- An increase in its comparability to
other companies
- An increase in the amount of assets
it reports
Which body regulates a certified The Public Company Accounting Oversight Board
public accounting firm's audit (PCAOB)
practices when the firm is auditing a
large publicly traded company?
- The Public Company Accounting
Oversight Board (PCAOB)
- The Financial Accounting Standards
Board (FASB)
- Another certified public accounting
firm (CPA)
- The Internal Revenue Service (IRS)
What has had the most significant Information technology
impact on accounting practices?
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 2/31
,4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
What two items of information are Ownership and Debt
revealed on the balance sheet?
Which term is defined as the residual Owners' equity
interest in the net assets of a
company?
A corporation has a total liabilities of $350 Million. Combine the liabilities with assets.
$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?
Which situation should result in In 2014, a company provides services to a customer
revenue recognition on the income for which cash will be collected the next year
statement for the year ending (2015).
12/31/14 if the firm is using accrual-
basis accounting?
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and
creditors of the company?
Where would an investor find a In the notes to financial statements
summary of a company's significant
accounting policies?
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 3/31
, 4/15/26, 8:22 AM WGU C213 Pre-assessment (Accounting) Exam Questions and answers with verified Answers (Latest Update 2026) UPDATE!! Fla…
Which assurance does an external The company's financial statements fairly reflect its
audit report provide for its readers? financial position
- The company will be a good credit
risk
- The company will generate net
income.
- The company's financial statements
fairly reflect its financial position.
- The company will generate positive
cash flows
Order the steps in the decision cycle Prepare financial statements, analyze financial
from first to last: Gather information, statements, gather information, make decision, and
prepare financial statements, analyze implement decision
financial statements, make decision,
and implement decision.
Partial financial information for a 11.0 Market value of shares/net income
company is as follows:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales$46,997
Net Income $3,761
Market value of shares $41,316
What is the price-earnings (PE) ratio
for this company?
What does it mean if a company has The company has 1.5% more total liabilities than
a debt ratio of 101.5%? total assets.
https://quizlet.com/1168134045/wgu-c213-pre-assessment-accounting-exam-questions-and-answers-with-verified-answers-latest-update-2026-updat… 4/31
