WGU C213 PA (Latest 2026/ 2027 Update) Accounting for Decision Makers Pre-Assessment Questions with Verified Answers| 100% Correct | Graded A+

WGU C213 PA (Latest 2026/ 2027
Update) Accounting for Decision
Makers Pre-Assessment Questions
with Verified Answers| 100%
Correct | Graded A+
Question:

What has had the most significant impact on accounting practices??
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Answer:

Information technology i,-




Question:
What two items of information are revealed on the balance sheet?
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Choose 2 answers?
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Answer:

Ownership. i,-




Debt

,Question:

Which term is defined as the residual interest in the net assets of a
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company??
Answer:

Owners' equity i,-




Question:

A corporation has total liabilities of $300 million, total owners' equity of
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$100 million, and current assets of $50 million.
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What is the value of the firm's long-term assets??
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Answer:

$350 million
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Question:

Which situation should result in revenue recognition on the income
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statement for the year ending 12/31/14 if the firm is using accrual-basis
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accounting??
Answer:

,In 2014, a company provides services to a customer for which cash will be
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collected the next year (2015). i,- i,- i,- i,-




Question:
Which category on the statement of cash flows summarizes cash receipts
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and payments to owners and creditors of the company??
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Answer:

Cash flows from financing activities
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Question:
Where would an investor find a summary of a company's significant
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accounting policies?? i,-




Answer:
In the notes to financial statements
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Question:

Which assurance does an external audit report provide for its readers??
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Answer:

The company's financial statements fairly reflect its financial position
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Question:

, What does accounting focus on??
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Answer:

The impact a business's activities have on its overall financial performance
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Question:

Which report summarizes cash collections and cash expenditures from
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operating, investing, and financing activities over a period of time??
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Answer:

Statement of cash flows i,- i,- i,-




Question:

Which users would have a primary concern with an organization's ability
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to provide healthcare benefits??
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Answer:
Employees




Question:

Which body regulates a certified public accounting firm's audit practices
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when the firm is auditing a large publicly traded company??
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Answer:
The Public Company Accounting Oversight Board (PCAOB)
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