WGU C213 Accoun ng for Decision Makers With
complete solu on Newest RATED A+
What does accoun ng focus on? - Correct Answers The impact a business's ac vi es have on
it's overall financial performance
Which report summarizes cash collec ons and cash expenditures from opera ng, inves ng,
and financing ac vi es over a period of me? - Correct Answers Statement of cash flows
Which users would have a primary concern with an organiza on's ability to provide healthcare
benefits? - Correct Answers Employees
Which benefit does a corpora on gain by following Generally Accepted Accoun ng Principals
(GAAP)? - Correct Answers An increase in its comparability to other companies
Which body regulates a cer fied public accoun ng firm's audit prac ces when the firm is
audi ng a large publicly traded company? - Correct Answers The FASB
What has had the most significant impact on accoun ng prac ces? - Correct Answers
Informa on Technology
What two items of informa on are revealed on the balance sheet? - Correct Answers Debt,
Ownership
Which term is defined as the residual interest in the net assets of a company? - Correct
Answers Owner's equity
, A corpora on has total liabili es 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? - Correct
Answers $350 million
Which situa on should result in revenue recogni on on the income statement for the year
ending 12/31/14 if the firm is using accrual-basis accoun ng? - Correct 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? - Correct Answers Cash flows from financing ac vi es
Where would an investor find a summary of a company's significant accoun ng policies? -
Correct Answers In the notes to the financial statements
What does it mean if a company has a debt ra o of 101.5%? - Correct Answers The company
has 1.5% more total liabili es that total assets
Which assurances does an external audit report provide for its readers? - Correct Answers The
company's financial statements fairly reflects its financial posi on
What is consistent with a con nual decline in gross profit if the firm's cost of goods sold
remains the same? - Correct Answers Con nual decrease in sales
Which formula yields a cash me interest earned ra o of 11? - Correct Answers Cash before
interest and taxes of $11,000/cash paid for interest of $1,000
Which form of debt should be reported in the long-term liability category? - Correct Answers
Notes payable expected to be paid in 18 months
complete solu on Newest RATED A+
What does accoun ng focus on? - Correct Answers The impact a business's ac vi es have on
it's overall financial performance
Which report summarizes cash collec ons and cash expenditures from opera ng, inves ng,
and financing ac vi es over a period of me? - Correct Answers Statement of cash flows
Which users would have a primary concern with an organiza on's ability to provide healthcare
benefits? - Correct Answers Employees
Which benefit does a corpora on gain by following Generally Accepted Accoun ng Principals
(GAAP)? - Correct Answers An increase in its comparability to other companies
Which body regulates a cer fied public accoun ng firm's audit prac ces when the firm is
audi ng a large publicly traded company? - Correct Answers The FASB
What has had the most significant impact on accoun ng prac ces? - Correct Answers
Informa on Technology
What two items of informa on are revealed on the balance sheet? - Correct Answers Debt,
Ownership
Which term is defined as the residual interest in the net assets of a company? - Correct
Answers Owner's equity
, A corpora on has total liabili es 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? - Correct
Answers $350 million
Which situa on should result in revenue recogni on on the income statement for the year
ending 12/31/14 if the firm is using accrual-basis accoun ng? - Correct 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? - Correct Answers Cash flows from financing ac vi es
Where would an investor find a summary of a company's significant accoun ng policies? -
Correct Answers In the notes to the financial statements
What does it mean if a company has a debt ra o of 101.5%? - Correct Answers The company
has 1.5% more total liabili es that total assets
Which assurances does an external audit report provide for its readers? - Correct Answers The
company's financial statements fairly reflects its financial posi on
What is consistent with a con nual decline in gross profit if the firm's cost of goods sold
remains the same? - Correct Answers Con nual decrease in sales
Which formula yields a cash me interest earned ra o of 11? - Correct Answers Cash before
interest and taxes of $11,000/cash paid for interest of $1,000
Which form of debt should be reported in the long-term liability category? - Correct Answers
Notes payable expected to be paid in 18 months
