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WGU C213 Accounting for Decision
Makers Questions and Correct Answers/
Latest Update / Already Graded
What does accounting focus on?
Ans: The impact a business's activities have on it's overall
financial performance
Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time?
Ans: Statement of cash flows
Which users would have a primary concern with an organization's
ability to provide healthcare benefits?
Ans: Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principals (GAAP)?
Ans: An increase in its comparability to other companies
Which body regulates a certified public accounting firm's audit
practices when the firm is auditing a large publicly traded company?
All rights reserved © 2025/ 2026 |
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Ans: The FASB
What has had the most significant impact on accounting practices?
Ans: Information Technology
What two items of information are revealed on the balance sheet?
Ans: Debt, Ownership
Which term is defined as the residual interest in the net assets of a
company?
Ans: Owner's equity
A corporation has total liabilities 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?
Ans: $350 million
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?
All rights reserved © 2025/ 2026 |
WGU C213 Accounting for Decision
Makers Questions and Correct Answers/
Latest Update / Already Graded
What does accounting focus on?
Ans: The impact a business's activities have on it's overall
financial performance
Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time?
Ans: Statement of cash flows
Which users would have a primary concern with an organization's
ability to provide healthcare benefits?
Ans: Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principals (GAAP)?
Ans: An increase in its comparability to other companies
Which body regulates a certified public accounting firm's audit
practices when the firm is auditing a large publicly traded company?
All rights reserved © 2025/ 2026 |
, Page |2
Ans: The FASB
What has had the most significant impact on accounting practices?
Ans: Information Technology
What two items of information are revealed on the balance sheet?
Ans: Debt, Ownership
Which term is defined as the residual interest in the net assets of a
company?
Ans: Owner's equity
A corporation has total liabilities 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?
Ans: $350 million
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?
All rights reserved © 2025/ 2026 |
