WGU C213 Accounting for Decision
Makers PVAC Actual Exam 2025 WGU
C213 Accounting for Decision Actual
Exam 2025
What does accounting focus on? -Answer-The impact a business's
activities have on it's overall financial performance
The idea that the activities of the entity are to be separated from those
of the individual owner is the
Money measurement concept
Going concern assumption
Separate entity concept
Arm's-length transaction assumption -Answer-Separate entity concept
Going Concern Assumption -Answer-the business will remain in
operation for the foreseeable future
Separate Entity Concept -Answer-The business is treated as a
separate entity, separated from its owners, creditors and customers.
The idea that businesses must be accounted for as though they will
exist at least for the foreseeable future is the
Entity concept
Going concern concept
Arm's-length transaction assumption
Monetary measurement concept -Answer-Going concern concept
Entity Concept -Answer-separating the business affairs from the
personal affairs of the owner
,Another name for the balance sheet is the
Statement of financial position
Retained earnings statement
Statement of cash flows
Statement of earnings -Answer-Statement of financial position
balance sheet -Answer-A financial statement that reports assets,
liabilities, and owner's equity on a specific date.
Retained Earnings Statement -Answer-A financial statement that
summarizes the changes in retained earnings for a specific period of
time.
Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time? -Answer-Statement of cash flows
Which of the following is true of the balance sheet?
It discloses the amount of dividends paid.
It identifies a company's assets and liabilities as of a specific date.
It includes revenue and expense accounts.
It shows the results of operations for an accounting period. -Answer-
Financial Accounting Standards Board -Answer-The body that writes
the generally accepted accounting principles by which the financial
statements of US firms must be prepared.
Owner's Equity -Answer-the amount remaining after the value of all
liabilities is subtracted from the value of all assets
,paid-in capital -Answer-The amount stockholders paid into the
corporation in exchange for shares of ownership. Equity
Treasury Stock -Answer-When a company buys back its own shares
Given the following information, compute income from continuing
operations -
Cost of Goods Sold $2,000
Extraordinary Item -170
Income Taxes 350
Interest Expense 200
Operating Expenses 1,500
Sales 5,500 -Answer-Answer: $1,450
$5,500 - $2,000 - $1,500 - $350 - $200 = $1,450
not Extraordinary Item $170
continuing operations -Answer-The revenues, expenses, and profit or
loss generated from a company's ongoing activities. Not extraordinary
items
Which users would have a primary concern with an organization's
ability to provide healthcare benefits? -Answer-Employees
Which of the following would be classified as a long-term asset?
Inventory
Accounts receivable
Land
Accounts payable -Answer-Land
Which of the following accounts is NOT an asset account?
, Prepaid Expenses
Accounts Receivable
Accounts Payable
Equipment -Answer-Accounts Payable
What are asset accounts? -Answer-Prepaid expenses, accounts
receivable, equipment, owners equity
Current assets usually are listed on a balance sheet in
Decreasing order of liquidity
A random fashion
Decreasing order of profitability
Increasing order of liquidity -Answer-
The following data were taken from the records of Moss Corporation
for the year ending December 31, 2012:
01/01/12
12/31/12
Assets
$11,250
?
Liabilities
8,580
$10,365
Owners' equity
6,465
Given the above information, assets on December 31, 2012, were
$5,025
Makers PVAC Actual Exam 2025 WGU
C213 Accounting for Decision Actual
Exam 2025
What does accounting focus on? -Answer-The impact a business's
activities have on it's overall financial performance
The idea that the activities of the entity are to be separated from those
of the individual owner is the
Money measurement concept
Going concern assumption
Separate entity concept
Arm's-length transaction assumption -Answer-Separate entity concept
Going Concern Assumption -Answer-the business will remain in
operation for the foreseeable future
Separate Entity Concept -Answer-The business is treated as a
separate entity, separated from its owners, creditors and customers.
The idea that businesses must be accounted for as though they will
exist at least for the foreseeable future is the
Entity concept
Going concern concept
Arm's-length transaction assumption
Monetary measurement concept -Answer-Going concern concept
Entity Concept -Answer-separating the business affairs from the
personal affairs of the owner
,Another name for the balance sheet is the
Statement of financial position
Retained earnings statement
Statement of cash flows
Statement of earnings -Answer-Statement of financial position
balance sheet -Answer-A financial statement that reports assets,
liabilities, and owner's equity on a specific date.
Retained Earnings Statement -Answer-A financial statement that
summarizes the changes in retained earnings for a specific period of
time.
Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time? -Answer-Statement of cash flows
Which of the following is true of the balance sheet?
It discloses the amount of dividends paid.
It identifies a company's assets and liabilities as of a specific date.
It includes revenue and expense accounts.
It shows the results of operations for an accounting period. -Answer-
Financial Accounting Standards Board -Answer-The body that writes
the generally accepted accounting principles by which the financial
statements of US firms must be prepared.
Owner's Equity -Answer-the amount remaining after the value of all
liabilities is subtracted from the value of all assets
,paid-in capital -Answer-The amount stockholders paid into the
corporation in exchange for shares of ownership. Equity
Treasury Stock -Answer-When a company buys back its own shares
Given the following information, compute income from continuing
operations -
Cost of Goods Sold $2,000
Extraordinary Item -170
Income Taxes 350
Interest Expense 200
Operating Expenses 1,500
Sales 5,500 -Answer-Answer: $1,450
$5,500 - $2,000 - $1,500 - $350 - $200 = $1,450
not Extraordinary Item $170
continuing operations -Answer-The revenues, expenses, and profit or
loss generated from a company's ongoing activities. Not extraordinary
items
Which users would have a primary concern with an organization's
ability to provide healthcare benefits? -Answer-Employees
Which of the following would be classified as a long-term asset?
Inventory
Accounts receivable
Land
Accounts payable -Answer-Land
Which of the following accounts is NOT an asset account?
, Prepaid Expenses
Accounts Receivable
Accounts Payable
Equipment -Answer-Accounts Payable
What are asset accounts? -Answer-Prepaid expenses, accounts
receivable, equipment, owners equity
Current assets usually are listed on a balance sheet in
Decreasing order of liquidity
A random fashion
Decreasing order of profitability
Increasing order of liquidity -Answer-
The following data were taken from the records of Moss Corporation
for the year ending December 31, 2012:
01/01/12
12/31/12
Assets
$11,250
?
Liabilities
8,580
$10,365
Owners' equity
6,465
Given the above information, assets on December 31, 2012, were
$5,025
