WGU C213 FINAL EXAM: ACCOUNTING
FOR DECISION MAKERS QUESTIONS AND
ANSWERS (2023-2024) VERIFIED
• What does accounting focus on(answer) The impact a
business's activitieshave 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) State- ment of cash flows
• Which users would have a primary concern with an
organization's abilityto 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) ThePublic Com- pany
Accounting Oversight Board (PCAOB)
• What has had the most significant impact on acc
• What two items of information are revealed on the
balance sheet?
Choose 2 answers: Ownership.Debt
,• Which term is defined as the residual interest in
the net assets of acompany(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 state-ment for the year ending 12/31/14 if the
firm is using accrual-basis account-ing(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 receiptsand 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 significantaccounting policies(answer) In
the notes to financial statements
• Which assurance does an external audit report provide
for its readers?-
, : The company's financial statements fairly reflect its financial
position
• Reliable: Information that can be verified
• Relevant: Information having to do with the matter at hand
• Material: Information that is important enough to make a
difference
• Conservatism: Information related to recognizing losses as
they occur
• steps in the decision cycle: 1 Prepare
financial statements.2 Analyze financial
statements.
• Gather information.
• Make decision.
• Implement decision
• Partial financial information for a
company is as follows:Current assets
$36,543
FOR DECISION MAKERS QUESTIONS AND
ANSWERS (2023-2024) VERIFIED
• What does accounting focus on(answer) The impact a
business's activitieshave 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) State- ment of cash flows
• Which users would have a primary concern with an
organization's abilityto 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) ThePublic Com- pany
Accounting Oversight Board (PCAOB)
• What has had the most significant impact on acc
• What two items of information are revealed on the
balance sheet?
Choose 2 answers: Ownership.Debt
,• Which term is defined as the residual interest in
the net assets of acompany(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 state-ment for the year ending 12/31/14 if the
firm is using accrual-basis account-ing(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 receiptsand 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 significantaccounting policies(answer) In
the notes to financial statements
• Which assurance does an external audit report provide
for its readers?-
, : The company's financial statements fairly reflect its financial
position
• Reliable: Information that can be verified
• Relevant: Information having to do with the matter at hand
• Material: Information that is important enough to make a
difference
• Conservatism: Information related to recognizing losses as
they occur
• steps in the decision cycle: 1 Prepare
financial statements.2 Analyze financial
statements.
• Gather information.
• Make decision.
• Implement decision
• Partial financial information for a
company is as follows:Current assets
$36,543
