WGU C213 Pre Assessment 2022 Verified 2023/2024 Questions and Answers

WGU C213 Pre Assessment 2022 Verified 2023/2024 Questions and Answers What does accounting focus on? - CORRECT 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? - CORRECT ANSWER Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - CORRECT ANSWER Employees Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? - CORRECT ANSWER The Public Company Accounting Oversight Board (PCAOB) What has had the most significant impact on accounting practices? - CORRECT ANSWER Information technology What two items of information are revealed on the balance sheet? Choose 2 answers - CORRECT ANSWER Ownership. Debt Which term is defined as the residual interest in the net assets of a company? - CORRECT 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? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER Cash flows from financing activities Where would an investor find a summary of a company's significant accounting policies? - CORRECT ANSWER In the notes to financial statements Which assurance does an external audit report provide for its readers? - CORRECT ANSWER The company's financial statements fairly reflect its financial position Reliable - CORRECT ANSWER Information that can be verified Relevant - CORRECT ANSWER Information having to do with the matter at hand Material - CORRECT ANSWER Information that is important enough to make a difference Conservatism - CORRECT ANSWER Information related to recognizing losses as they occur What are steps in the decision cycle? - CORRECT ANSWER 1 Prepare financial statements. 2 Analyze financial statements.