WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions and Answers (2025/2026) Verified
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions and Answers (2025/2026) Verified
• What does accounting focus on(answer) The impact a business's
activities have on its overall financial performance
• Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time(answer) State- ment of cash flows
• Which users would have a primary concern with an organization's
ability to provide healthcare benefits(answer) Employees
• Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company(answer) The
Public Com- pany Accounting Oversight Board (PCAOB)
• What has had the most significant impact on accounting
practices(answer) Infor- mation technology
• What two items of information are revealed on the balance sheet?
Choose 2 answers:
Ownership. Debt
• Which term is defined as the residual interest in the net assets of
,a company(answer) Owners' equity
,• 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
• Which situation should result in revenue recognition on the income
state- ment for the year ending 12/31/14 if the firm is using accrual-basis
account- ing(answer) 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(answer)
Cash flows from financing activities
• Where would an investor find a summary of a company's
significant accounting policies(answer) In the notes to financial
statements
• Which assurance does an external audit report provide for its readers?-
: The company's financial statements fairly reflect its financial position
• Reliable: Information that can be verified
Questions and Answers (2025/2026) Verified
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions and Answers (2025/2026) Verified
• What does accounting focus on(answer) The impact a business's
activities have on its overall financial performance
• Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time(answer) State- ment of cash flows
• Which users would have a primary concern with an organization's
ability to provide healthcare benefits(answer) Employees
• Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company(answer) The
Public Com- pany Accounting Oversight Board (PCAOB)
• What has had the most significant impact on accounting
practices(answer) Infor- mation technology
• What two items of information are revealed on the balance sheet?
Choose 2 answers:
Ownership. Debt
• Which term is defined as the residual interest in the net assets of
,a company(answer) Owners' equity
,• 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
• Which situation should result in revenue recognition on the income
state- ment for the year ending 12/31/14 if the firm is using accrual-basis
account- ing(answer) 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(answer)
Cash flows from financing activities
• Where would an investor find a summary of a company's
significant accounting policies(answer) In the notes to financial
statements
• Which assurance does an external audit report provide for its readers?-
: The company's financial statements fairly reflect its financial position
• Reliable: Information that can be verified
