WGU C213 ACCOUNTING FOR DECISION MAKERS FINAL EXAM Questions with Verified Answers (2025 / 2026) Grade A+ Guarantee

WGU C213 ACCOUNTING FOR DECISION MAKERS FINAL EXAM

Questions with Verified Answers
Grade A+ Guarantee
1. Which of the following is NOT a service typically provided by large public ac
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counting firms?: Making management decisions
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2. The initials CPA stand for: certified public accountant
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3. Which of the following is the government agency that stipulates the rules and regula
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tions that govern the collection of taxes in the United States?: In- ternal Revenue Service
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4. Which of the following organizations has specific legal authority to es-
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g tablish accounting standards for publicly held companies?: Securities and Exchang
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e Commission (SEC)
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5. Standards established by the International Accounting Standards Board are referred to
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as: International Financial Reporting Standards
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6. The International Accounting Standards Board (IASB) is charged with de-
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gveloping worldwide accounting practices?: True
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7. Which of the following is NOT a reason for the integration of worldwide accounting
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standards?: the theoretical necessity of a common set of accounting standards
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8. With the current state of information technology, investors outside a com-
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pany are now allowed access to a company's internal database of financial information
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and do their own customized analysis of a firm's performance.: - False
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,9. Sarbanes-
Oxley Act: Increased federal oversight of the audit process resulted from the passage of the f
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ollowing act of Congress - g g g g




10. A borrower benefits from providing financial information regarding income and e
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xpenses in the form of a lower interest rate on the loan because of reduced uncertain
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ty for the lender with regard to repayment.: True
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11. Which of the following is NOT one of the three primary financial state-
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g ments?: The Statement of Retained Earnings
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12. One reason for a company's preparing and providing financial statements is to red
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uce uncertainty for an investor regarding the firm's future financial performance.: True
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13. The idea that businesses must be accounted for as though they will exist at least for
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the foreseeable future is the: Going concern concept
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14. Economic resources that are owned or controlled by an enterprise are called:
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Assets
15. The idea that the activities of the entity are to be separated from those of the ind
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ividual owner is the: Separate entity concept
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16. Which of the following financial statements provides a picture of the e
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nterprise at a particular point in time?: Balance sheet
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17. Which of the following accounts is considered to be the most liquid?: Cash
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, 18. Which of the following is an overall measure of the performance of a b
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usiness entity's activities?: Net income (or net loss)
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19. Expense and revenue accounts appear on the: income statement g g g g g g g g




20. Revenues cause: An increase in net assets g g g g g g




21. Expenses generally cause: A decrease in net assets g g g g g g g




22. Which of the following would be included on an income statement?: Rent expense
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23. A major source of cash from operating activities is: Receipts from sale of goods
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24. Which of the following classifications does NOT appear on the Statement of Cash Fl
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ows?: Borrowing g




25. Which of the following classifications refers to those activities whereby cash is o
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btained or repaid to owners and creditors?: Financing
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26. Which of the following classifications refers to those activities associated with
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buying and selling long-term assets?: Investing
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27. Vital information that CANNOT be captured solely by dollar amounts is re
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ported in a firm's: Notes to financial statements
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28. Which of the following is NOT one of the four general types of financial stateme
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nt notes?: Supplementary information required by the Internal Revenue Service
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29. Which of the following is an example of a significant accounting policy that would be
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explained in the notes to the financial statements?: The method used to estimate depreciati
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on on a piece of equipment
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30. Which of the following is an example of a disclosure of information NOT re
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cognized that would be explained in the notes to the financial statements?-
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: The disclosure of the uncertain, potential outcome of a lawsuit
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31. Which of the following is an example of additional information about summary to
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tals that would be explained in the notes to the financial state-
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g ments?: The description of all the individual items that comprise notes payable
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