WGU C213 PA & OA Study Guide EXAM ||2026-2027
MOST RECENT EXAM ACTUAL COMPLETE MOST
TESTED REAL EXAM QUESTIONS AND VERIFIED
SOLUTIONS | GET IT 100% ACCURATE!! ALREADY
GRADED A+!! NEWEST EXAM | LATEST UPDATE!!
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-Statement of
cash flows
,Which users would have a primary concern with an
organization's ability to provide healthcare benefits? -
ANSWER-Employees
Which benefit does a corporation gain by following
Generally Accepted Accounting Principles (GAPP)? -
ANSWER-An increase in its compatibility to other
companies
Which body regulates a certified public accounting firm's
audit practices when the firm is auditing a large publicly
traded company? - ANSWER-The Public Company
Accounting Oversight Board (PACOB)
,What has had the most significant impact on Accounting
practices? - ANSWER-Information technology
What two items of information are revealed on the balance
sheet? - ANSWER-Ownership and Debt
Which term is defined as the residual in the net assets of a
company? - ANSWER-Owners equity
Which situation should result in revenue recognition on the
income statement for the year ending 12/31/14 if the firm
is using accrual accounting? - 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 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? - ANSWER-The company's financial
statements fairly reflect its financial position
MOST RECENT EXAM ACTUAL COMPLETE MOST
TESTED REAL EXAM QUESTIONS AND VERIFIED
SOLUTIONS | GET IT 100% ACCURATE!! ALREADY
GRADED A+!! NEWEST EXAM | LATEST UPDATE!!
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-Statement of
cash flows
,Which users would have a primary concern with an
organization's ability to provide healthcare benefits? -
ANSWER-Employees
Which benefit does a corporation gain by following
Generally Accepted Accounting Principles (GAPP)? -
ANSWER-An increase in its compatibility to other
companies
Which body regulates a certified public accounting firm's
audit practices when the firm is auditing a large publicly
traded company? - ANSWER-The Public Company
Accounting Oversight Board (PACOB)
,What has had the most significant impact on Accounting
practices? - ANSWER-Information technology
What two items of information are revealed on the balance
sheet? - ANSWER-Ownership and Debt
Which term is defined as the residual in the net assets of a
company? - ANSWER-Owners equity
Which situation should result in revenue recognition on the
income statement for the year ending 12/31/14 if the firm
is using accrual accounting? - 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 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? - ANSWER-The company's financial
statements fairly reflect its financial position
