1|Page
WGU C213 ACCOUNTING FOR DECISION MAKERS
PVAC EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS LATEST
2025 ALREADY GRADED A+
What does accounting focus on? - (answers)The impact a business's activities
have on it's overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? - (answers)Statement of
cash flows
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? - (answers)Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principals (GAAP)? - (answers)An increase in its comparability to other
companies
Which body regulates a certified public accounting firm's audit practices when the
firm is auditing a large publicly traded company? - (answers)The FASB
What has had the most significant impact on accounting practices? -
(answers)Information Technology
, 2|Page
What two items of information are revealed on the balance sheet? -
(answers)Debt, Ownership
Which term is defined as the residual interest in the net assets of a company? -
(answers)Owner's equity
A corporation has total liabilities of $300 million, total owner's equity of $100
million, and current assets of $50 million. What is the value of the firm's long-
term assets? - (answers)$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? -
(answers)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? - (answers)Cash flows from
financing activities
Where would an investor find a summary of a company's significant accounting
policies? - (answers)In the notes to the financial statements
What does it mean if a company has a debt ratio of 101.5%? - (answers)The
company has 1.5% more total liabilities that total assets
WGU C213 ACCOUNTING FOR DECISION MAKERS
PVAC EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS LATEST
2025 ALREADY GRADED A+
What does accounting focus on? - (answers)The impact a business's activities
have on it's overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? - (answers)Statement of
cash flows
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? - (answers)Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principals (GAAP)? - (answers)An increase in its comparability to other
companies
Which body regulates a certified public accounting firm's audit practices when the
firm is auditing a large publicly traded company? - (answers)The FASB
What has had the most significant impact on accounting practices? -
(answers)Information Technology
, 2|Page
What two items of information are revealed on the balance sheet? -
(answers)Debt, Ownership
Which term is defined as the residual interest in the net assets of a company? -
(answers)Owner's equity
A corporation has total liabilities of $300 million, total owner's equity of $100
million, and current assets of $50 million. What is the value of the firm's long-
term assets? - (answers)$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? -
(answers)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? - (answers)Cash flows from
financing activities
Where would an investor find a summary of a company's significant accounting
policies? - (answers)In the notes to the financial statements
What does it mean if a company has a debt ratio of 101.5%? - (answers)The
company has 1.5% more total liabilities that total assets
