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WGU C213 ACCOUNTING FOR DECISION
MAKERS |ACTUAL QUESTIONS WITH
ANSWERS 2026
Balance Sheet - correct-answer -reports a company's financial position at a
specified point in time and lists the company's resources (assets), obligations
(liabilities), and net ownership interest (owners' equity).
Assets - correct-answer -probable future economic benefits obtained or
controlled by a company as a result of past transactions or events
Liabilities - correct-answer -probable future sacrifices of economic benefits arising
from present obligations of a company to transfer assets or provide services in
the future as a result of past transactions or events
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Owners' equity - correct-answer -the residual interest in the assets of a company
that remains after deducting its liabilities
Assets = Liabilities + Owners' Equity - correct-answer -What is the accounting
equation?
By order of liquidity - correct-answer -In what order are assets typically listed on
the balance sheet?
Current and Long-term - correct-answer -Liabilities are divided into which 2
categories on the balance sheet?
states that the financial results of an economic entity should be reported
separately from the financial results of other entities, even though all those
, 3|Page
entities may be controlled by the same person - correct-answer -What is the
entity concept?
(revenues-expense= net income) - correct-answer -Equation to calculate net
income
When work has been done and collectability of cash can be reasonably assured -
correct-answer -According to accounting rules, when should revenue be
recognized?
Operating activities - correct-answer -those activities that comprise the day-to-
day operations of a business.
Investing activities - correct-answer -The purchase and sale of long-term assets
such as land and equipment are known as _______________.
WGU C213 ACCOUNTING FOR DECISION
MAKERS |ACTUAL QUESTIONS WITH
ANSWERS 2026
Balance Sheet - correct-answer -reports a company's financial position at a
specified point in time and lists the company's resources (assets), obligations
(liabilities), and net ownership interest (owners' equity).
Assets - correct-answer -probable future economic benefits obtained or
controlled by a company as a result of past transactions or events
Liabilities - correct-answer -probable future sacrifices of economic benefits arising
from present obligations of a company to transfer assets or provide services in
the future as a result of past transactions or events
,2|Page
Owners' equity - correct-answer -the residual interest in the assets of a company
that remains after deducting its liabilities
Assets = Liabilities + Owners' Equity - correct-answer -What is the accounting
equation?
By order of liquidity - correct-answer -In what order are assets typically listed on
the balance sheet?
Current and Long-term - correct-answer -Liabilities are divided into which 2
categories on the balance sheet?
states that the financial results of an economic entity should be reported
separately from the financial results of other entities, even though all those
, 3|Page
entities may be controlled by the same person - correct-answer -What is the
entity concept?
(revenues-expense= net income) - correct-answer -Equation to calculate net
income
When work has been done and collectability of cash can be reasonably assured -
correct-answer -According to accounting rules, when should revenue be
recognized?
Operating activities - correct-answer -those activities that comprise the day-to-
day operations of a business.
Investing activities - correct-answer -The purchase and sale of long-term assets
such as land and equipment are known as _______________.
