WGU C213 PA AND OA FULL QUESTIONS AND
CORRECT ANSWERS 2026 GRADED A+
◉ What is NOT typically true of accounting information? Answer: The
information relates to future time periods.
◉ Which is NOT a key component of the definition of accounting?
Answer: Qualitative
◉ What is true about the double-entry system of bookkeeping? Answer:
It was developed in the 1300s−1400s in Italy.
◉ Businesses use accounting systems to. Answer: Analyze transactions;
Handle routine bookkeeping tasks; Evaluate performance and health of
the business.
◉ What is not a function of accounting? Answer: Executing sales
transactions for organizations
◉ What is NOT one of the three primary financial statements? Answer:
Statement of retained earnings
,◉ Generally accepted accounting principles are. Answer: Developed by
accounting rule makers
◉ The initials GAAP stand for. Answer: Generally Accepted Accounting
Principles
◉ The current standard-setting board for accounting in the private sector
is the. Answer: Financial Accounting Standards Board (FASB)
◉ Which of the following organizations has specific legal authority to
establish accounting standards for publicly held companies? Answer:
Securities and Exchange Commission (SEC)
◉ Which is NOT a service typically provided by large public accounting
firms? Answer: Making management decisions
◉ The organization that develops worldwide accounting standards is the.
Answer: International Accounting Standards Board (IASB)
◉ The initials CPA stand for. Answer: Certified Public Accountant
◉ Which of the following financial statements reports a company's
resources, obligations, and owner's equity? Answer: Balance sheet
,◉ Which of the following financial statements reports the excess of a
company's revenues over its expenses? Answer: Income statement
◉ Which of the following financial statements reports the amount of
cash collected and paid out by a company? Answer: Statement of cash
flows
◉ The emphasis in financial accounting is on which of the following
external user groups? Answer: Investors and creditors
◉ The primary internal group that uses accounting information is.
Answer: Management
◉ Internal reports are generally used by. Answer: Management
◉ Which of the following is NOT an external user of financial
information? Answer: Management
◉ Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)? Answer: It is a government agency
◉ Generally accepted accounting principles are. Answer: Developed by
accounting rule makers
, ◉ The initials GAAP stand for. Answer: Generally Accepted Accounting
Principles
◉ The current standard-setting board for accounting in the private sector
is the. Answer: Financial Accounting Standards Board (FASB)
◉ Which of the following organizations has specific legal authority to
establish accounting standards for publicly held companies? Answer:
Securities and Exchange Commission (SEC)
◉ Which of the following is NOT a service typically provided by large
public accounting firms? Answer: Making management decisions
◉ The organization that develops worldwide accounting standards is the.
Answer: International Accounting Standards Board (IASB)
◉ The initials CPA stand for. Answer: Certified Public Accountant
◉ Standards established by the International Accounting Standards
Board are referred to as. Answer: International Financial Accounting
Standards
◉ Which of the following is NOT a reason for the integration of
worldwide accounting standards? Answer: the theoretical necessity of a
common set of accounting standards
CORRECT ANSWERS 2026 GRADED A+
◉ What is NOT typically true of accounting information? Answer: The
information relates to future time periods.
◉ Which is NOT a key component of the definition of accounting?
Answer: Qualitative
◉ What is true about the double-entry system of bookkeeping? Answer:
It was developed in the 1300s−1400s in Italy.
◉ Businesses use accounting systems to. Answer: Analyze transactions;
Handle routine bookkeeping tasks; Evaluate performance and health of
the business.
◉ What is not a function of accounting? Answer: Executing sales
transactions for organizations
◉ What is NOT one of the three primary financial statements? Answer:
Statement of retained earnings
,◉ Generally accepted accounting principles are. Answer: Developed by
accounting rule makers
◉ The initials GAAP stand for. Answer: Generally Accepted Accounting
Principles
◉ The current standard-setting board for accounting in the private sector
is the. Answer: Financial Accounting Standards Board (FASB)
◉ Which of the following organizations has specific legal authority to
establish accounting standards for publicly held companies? Answer:
Securities and Exchange Commission (SEC)
◉ Which is NOT a service typically provided by large public accounting
firms? Answer: Making management decisions
◉ The organization that develops worldwide accounting standards is the.
Answer: International Accounting Standards Board (IASB)
◉ The initials CPA stand for. Answer: Certified Public Accountant
◉ Which of the following financial statements reports a company's
resources, obligations, and owner's equity? Answer: Balance sheet
,◉ Which of the following financial statements reports the excess of a
company's revenues over its expenses? Answer: Income statement
◉ Which of the following financial statements reports the amount of
cash collected and paid out by a company? Answer: Statement of cash
flows
◉ The emphasis in financial accounting is on which of the following
external user groups? Answer: Investors and creditors
◉ The primary internal group that uses accounting information is.
Answer: Management
◉ Internal reports are generally used by. Answer: Management
◉ Which of the following is NOT an external user of financial
information? Answer: Management
◉ Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)? Answer: It is a government agency
◉ Generally accepted accounting principles are. Answer: Developed by
accounting rule makers
, ◉ The initials GAAP stand for. Answer: Generally Accepted Accounting
Principles
◉ The current standard-setting board for accounting in the private sector
is the. Answer: Financial Accounting Standards Board (FASB)
◉ Which of the following organizations has specific legal authority to
establish accounting standards for publicly held companies? Answer:
Securities and Exchange Commission (SEC)
◉ Which of the following is NOT a service typically provided by large
public accounting firms? Answer: Making management decisions
◉ The organization that develops worldwide accounting standards is the.
Answer: International Accounting Standards Board (IASB)
◉ The initials CPA stand for. Answer: Certified Public Accountant
◉ Standards established by the International Accounting Standards
Board are referred to as. Answer: International Financial Accounting
Standards
◉ Which of the following is NOT a reason for the integration of
worldwide accounting standards? Answer: the theoretical necessity of a
common set of accounting standards
