1/28/26, 9:14 AM WGU C213 PA & OA Study Guide EXAM MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS/GET IT 100% ACCURATE!! …
WGU C213 PA & OA Study Guide EXAM MOST
TESTED QUESTIONS AND VERIFIED
SOLUTIONS/GET IT 100% ACCURATE!! 2026!!
Save
Terms in this set (246)
The impact a business's activities What does accounting focus on?
have on its overall financial
performance
Statement of cash flows Which report summarizes cash collections and
cash expenditures from operating, investing, and
financing activities over a period of time?
Employees Which users would have a primary concern with an
organization's ability to provide healthcare
benefits?
An increase in its compatibility to Which benefit does a corporation gain by
other companies following Generally Accepted Accounting
Principles (GAPP)?
The Public Company Accounting Which body regulates a certified public accounting
Oversight Board (PACOB) firm's audit practices when the firm is auditing a
large publicly traded company?
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 1/28
,1/28/26, 9:14 AM WGU C213 PA & OA Study Guide EXAM MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS/GET IT 100% ACCURATE!! …
Information technology What has had the most significant impact on
Accounting practices?
Ownership and Debt What two items of information are revealed on the
balance sheet?
Owners equity Which term is defined as the residual in the net
assets of a company?
In 2014, a company provides services Which situation should result in revenue
to a customer for which cash will be recognition on the income statement for the year
collected the next year (2015). ending 12/31/14 if the firm is using accrual
accounting?
Cash from financing activities Which category on the statement of cash flows
summarizes cash receipts and payments to owners
and creditors of the company?
In the notes to financial statements Where would an investor find a summary of a
company's significant accounting policies?
The company's financial statements Which assurance does an external audit report
fairly reflect its financial position provide for its readers?
Reliable Information that can be verified
Relevant Information having to do with the matter at hand
Material Information that is important enough to make a
difference
Conservatism Information related to recognizing losses as they
occur
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 2/28
, 1/28/26, 9:14 AM WGU C213 PA & OA Study Guide EXAM MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS/GET IT 100% ACCURATE!! …
Continual decrease in sales What is consistent with a continual decline in gross
profit if the firm's cost of goods sold remains the
same?
Notes payable expected to be paid Which form of debt should be reported in the
in 18 months long-term liability category?
Operating expenses & Which values affect the measurement of net
Ordinary gains and losses income?
Gross profit & Which items' subtotals are included in a multi-step
Income from operations income statement?
Cash from investing activities What is a common category in a statement of cash
flows?
Cash from financing activities Which cash flow category would include "cash
received from investors"?
Cash payments for purchase of plant Which item is an investing activity?
assets
Increase in cash from investing What impact does the sale of equipment have on
activities the statement of cash flows?
The indirect method is more popular What is known about the direct and indirect
among large U.S. companies methods of preparing statements of cash flow?
The inventory department counts Which internal control is intended to ensure that a
and inspects items as received and company does not mistakenly pay a supplier for an
forwards the receiving record to invoice that includes more items than were actually
accounts payable. received?
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 3/28
WGU C213 PA & OA Study Guide EXAM MOST
TESTED QUESTIONS AND VERIFIED
SOLUTIONS/GET IT 100% ACCURATE!! 2026!!
Save
Terms in this set (246)
The impact a business's activities What does accounting focus on?
have on its overall financial
performance
Statement of cash flows Which report summarizes cash collections and
cash expenditures from operating, investing, and
financing activities over a period of time?
Employees Which users would have a primary concern with an
organization's ability to provide healthcare
benefits?
An increase in its compatibility to Which benefit does a corporation gain by
other companies following Generally Accepted Accounting
Principles (GAPP)?
The Public Company Accounting Which body regulates a certified public accounting
Oversight Board (PACOB) firm's audit practices when the firm is auditing a
large publicly traded company?
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 1/28
,1/28/26, 9:14 AM WGU C213 PA & OA Study Guide EXAM MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS/GET IT 100% ACCURATE!! …
Information technology What has had the most significant impact on
Accounting practices?
Ownership and Debt What two items of information are revealed on the
balance sheet?
Owners equity Which term is defined as the residual in the net
assets of a company?
In 2014, a company provides services Which situation should result in revenue
to a customer for which cash will be recognition on the income statement for the year
collected the next year (2015). ending 12/31/14 if the firm is using accrual
accounting?
Cash from financing activities Which category on the statement of cash flows
summarizes cash receipts and payments to owners
and creditors of the company?
In the notes to financial statements Where would an investor find a summary of a
company's significant accounting policies?
The company's financial statements Which assurance does an external audit report
fairly reflect its financial position provide for its readers?
Reliable Information that can be verified
Relevant Information having to do with the matter at hand
Material Information that is important enough to make a
difference
Conservatism Information related to recognizing losses as they
occur
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 2/28
, 1/28/26, 9:14 AM WGU C213 PA & OA Study Guide EXAM MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS/GET IT 100% ACCURATE!! …
Continual decrease in sales What is consistent with a continual decline in gross
profit if the firm's cost of goods sold remains the
same?
Notes payable expected to be paid Which form of debt should be reported in the
in 18 months long-term liability category?
Operating expenses & Which values affect the measurement of net
Ordinary gains and losses income?
Gross profit & Which items' subtotals are included in a multi-step
Income from operations income statement?
Cash from investing activities What is a common category in a statement of cash
flows?
Cash from financing activities Which cash flow category would include "cash
received from investors"?
Cash payments for purchase of plant Which item is an investing activity?
assets
Increase in cash from investing What impact does the sale of equipment have on
activities the statement of cash flows?
The indirect method is more popular What is known about the direct and indirect
among large U.S. companies methods of preparing statements of cash flow?
The inventory department counts Which internal control is intended to ensure that a
and inspects items as received and company does not mistakenly pay a supplier for an
forwards the receiving record to invoice that includes more items than were actually
accounts payable. received?
https://quizlet.com/1136313783/wgu-c213-pa-oa-study-guide-exam-most-tested-questions-and-verified-solutionsget-it-100-accurate-2026-flash-cards/… 3/28
