WGU C213 OA PREP EXAM QUESTIONS AND ANSWERS GRADED A+
100% GUARANTEED SUCCESS.
1. The ability a company has to pay its debts in the short run is its: Liquidity
2. Which of the following is a measure of the liquid position of a corporation?-
: Debt ratio
3. Which of the following ratios is used to measure a firm's leverage?: Debt
Ratio
4. Which of the following ratios is used to measure the profit earned on each
dollar invested in a firm?: Return on Equity
5. The emphasis in financial accounting is on which of the following external
user groups?: Investors and creditors
6. The primary internal group that uses accounting information is: Manage-
ment
7. Internal reports are generally used by: Management
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, 8. Which of the following is NOT an external user of financial information?: -
Management
9. Which of the following is NOT true of the Financial Accounting Standards
Board (FASB)?: It is a government agency
10. Generally accepted accounting principles are: Developed by accounting rule
makers
11. The initials GAAP stand for: Generally Accepted Accounting Principles
12. The current standard-setting board for accounting in the private sector is
the: Financial Accounting Standards Board (FASB)
13. The organization that develops worldwide accounting standards is the: In-
ternational Accounting Standards Board (IASB)
14. The initials CPA stand for: Certified Public Accountant
15. Which of the following is NOT a service typically provided by large public
accounting firms?: Making management decisions
16. Standards established by the International Accounting Standards Board
are referred to as: International Financial Reporting Standards
17. Which of the following is the government agency that stipulates the rules
and regulations that govern the collection of taxes in the United States?: In-
ternal Revenue Service
18. Which of the following is NOT a reason for the integration of worldwide
accounting standards?: the theoretical necessity of a common set of accounting
standards
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, 19. The International Accounting Standards Board (IASB) is charged with
developing worldwide accounting practices?: True
20. With the current state of information technology, investors outside a com-
pany are now allowed access to a company's internal database of financial
mailto:https://www.stuvia.com/en-us/user/techgrades
100% GUARANTEED SUCCESS.
1. The ability a company has to pay its debts in the short run is its: Liquidity
2. Which of the following is a measure of the liquid position of a corporation?-
: Debt ratio
3. Which of the following ratios is used to measure a firm's leverage?: Debt
Ratio
4. Which of the following ratios is used to measure the profit earned on each
dollar invested in a firm?: Return on Equity
5. The emphasis in financial accounting is on which of the following external
user groups?: Investors and creditors
6. The primary internal group that uses accounting information is: Manage-
ment
7. Internal reports are generally used by: Management
mailto:https://www.stuvia.com/en-us/user/techgrades
, 8. Which of the following is NOT an external user of financial information?: -
Management
9. Which of the following is NOT true of the Financial Accounting Standards
Board (FASB)?: It is a government agency
10. Generally accepted accounting principles are: Developed by accounting rule
makers
11. The initials GAAP stand for: Generally Accepted Accounting Principles
12. The current standard-setting board for accounting in the private sector is
the: Financial Accounting Standards Board (FASB)
13. The organization that develops worldwide accounting standards is the: In-
ternational Accounting Standards Board (IASB)
14. The initials CPA stand for: Certified Public Accountant
15. Which of the following is NOT a service typically provided by large public
accounting firms?: Making management decisions
16. Standards established by the International Accounting Standards Board
are referred to as: International Financial Reporting Standards
17. Which of the following is the government agency that stipulates the rules
and regulations that govern the collection of taxes in the United States?: In-
ternal Revenue Service
18. Which of the following is NOT a reason for the integration of worldwide
accounting standards?: the theoretical necessity of a common set of accounting
standards
mailto:https://www.stuvia.com/en-us/user/techgrades
, 19. The International Accounting Standards Board (IASB) is charged with
developing worldwide accounting practices?: True
20. With the current state of information technology, investors outside a com-
pany are now allowed access to a company's internal database of financial
mailto:https://www.stuvia.com/en-us/user/techgrades
