WGU C213 Pre Assessment 2022
Review/ Actual Questions &
Verified Answers, A+ Score
Solutions.
Quiz____?
What does accounting focus on? -
Answer✓✓
The impact a business's activities have on its overall financial performance
Quiz____?
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? -
Answer✓✓
Statement of cash flows
Quiz____?
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? -
Answer✓✓
Employees
Quiz____?
Which body regulates a certified public accounting firm's audit practices when
the firm is auditing a large publicly traded company? -
Answer✓✓
The Public Company Accounting Oversight Board (PCAOB)
Page 1 of 31
, Quiz____?
What has had the most significant impact on accounting practices? -
Answer✓✓
Information technology
Quiz____?
What two items of information are revealed on the balance sheet?
Choose 2 answers -
Answer✓✓
Ownership.
Debt
Quiz____?
Which term is defined as the residual interest in the net assets of a company? -
Answer✓✓
Owners' equity
Quiz____?
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
Page 2 of 31
, Quiz____?
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? -
Answer✓✓
In 2014, a company provides services to a customer for which cash will be
collected the next year (2015).
Quiz____?
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? -
Answer✓✓
Cash flows from financing activities
Quiz____?
Where would an investor find a summary of a company's significant accounting
policies? -
Answer✓✓
In the notes to financial statements
Quiz____?
Which assurance does an external audit report provide for its readers? -
Answer✓✓
The company's financial statements fairly reflect its financial position
Quiz____?
Reliable -
Answer✓✓
Information that can be verified
Page 3 of 31
, Quiz____?
Relevant -
Answer✓✓
Information having to do with the matter at hand
Quiz____?
Material -
Answer✓✓
Information that is important enough to make a difference
Quiz____?
Conservatism -
Answer✓✓
Information related to recognizing losses as they occur
Quiz____?
What are steps in the decision cycle? -
Answer✓✓
1 Prepare financial statements.
2 Analyze financial statements.
3 Gather information.
4 Make decision.
5 Implement decision.
Quiz____?
Partial financial information for a company is as follows:
Page 4 of 31
Review/ Actual Questions &
Verified Answers, A+ Score
Solutions.
Quiz____?
What does accounting focus on? -
Answer✓✓
The impact a business's activities have on its overall financial performance
Quiz____?
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? -
Answer✓✓
Statement of cash flows
Quiz____?
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? -
Answer✓✓
Employees
Quiz____?
Which body regulates a certified public accounting firm's audit practices when
the firm is auditing a large publicly traded company? -
Answer✓✓
The Public Company Accounting Oversight Board (PCAOB)
Page 1 of 31
, Quiz____?
What has had the most significant impact on accounting practices? -
Answer✓✓
Information technology
Quiz____?
What two items of information are revealed on the balance sheet?
Choose 2 answers -
Answer✓✓
Ownership.
Debt
Quiz____?
Which term is defined as the residual interest in the net assets of a company? -
Answer✓✓
Owners' equity
Quiz____?
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
Page 2 of 31
, Quiz____?
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? -
Answer✓✓
In 2014, a company provides services to a customer for which cash will be
collected the next year (2015).
Quiz____?
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? -
Answer✓✓
Cash flows from financing activities
Quiz____?
Where would an investor find a summary of a company's significant accounting
policies? -
Answer✓✓
In the notes to financial statements
Quiz____?
Which assurance does an external audit report provide for its readers? -
Answer✓✓
The company's financial statements fairly reflect its financial position
Quiz____?
Reliable -
Answer✓✓
Information that can be verified
Page 3 of 31
, Quiz____?
Relevant -
Answer✓✓
Information having to do with the matter at hand
Quiz____?
Material -
Answer✓✓
Information that is important enough to make a difference
Quiz____?
Conservatism -
Answer✓✓
Information related to recognizing losses as they occur
Quiz____?
What are steps in the decision cycle? -
Answer✓✓
1 Prepare financial statements.
2 Analyze financial statements.
3 Gather information.
4 Make decision.
5 Implement decision.
Quiz____?
Partial financial information for a company is as follows:
Page 4 of 31
