WGU C213 - Accounting for Decision Makers EXAM
QUESTIONS AND ANSWERS (100% CORRECT) |
LATEST UPDATE 2026/2027 | GRADED A+ |
ASSURED PASS.
Terms in this set (39)
Which term is defined as the residual Owners' equity
interest in the net assets of a company?
A corporation has total liabilities of $350 million
$300 million, total owners' equity of
$100 million,
and current assets of $50 million. What is
the value of the firm's long term
assets?
Which situation should result in In 2014, a company provides services to a customer for
revenue recognition on the income which cash will be collected the next year (2015).
statement for the year ending 12/31/14
if the firm is using
accrual-basis accounting?
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and creditors
of the company?
, Information that is enough to make a Material
difference is referred to as
Information having to do with the Relevant
matter at hand
Information related to recognizing Conservatism
losses as they occur
Information that can be verified Reliable
Order the steps in the decision cycle PAGMI
from first (1) to last (5). 1. Prepare financial statements
2. Analyze financial statements
3.gather information
4. make decision
5. implement decision
Which form of debt should be Notes payable expected to be paid in 18 months
reported in the long-term liability
category?
Which two values affect the Operating expenses and ordinary gains and losses
measurement of net income?
Which two items' subtotals are Gross profit and income from operations
included in a multi-step income
statement?
Which item is an investing activity? Cash payments for purchase of plant assets
What impact does the sale of Increase in cash from investing activities
equipment have on the statement
of cash flows?
what is known about the direct and The indirect method is more popular among large U.S.
indirect methods of preparing companies
statements of cash
flow?
Which two examples represent The accounting department miscalculates the payroll
financial statement errors? tax due at year-end, resulting in an inaccurate
Choose 2 answers liability
The accountant unintentionally records amounts as
revenue that were prepaid by customers but not yet
earned
Which internal control is intended to The inventory department counts and inspects items
ensure that a company does not as received and forwards the receiving record to
mistakenly pay a accounts payable.
supplier for an invoice that includes
more items than were actually
received?
QUESTIONS AND ANSWERS (100% CORRECT) |
LATEST UPDATE 2026/2027 | GRADED A+ |
ASSURED PASS.
Terms in this set (39)
Which term is defined as the residual Owners' equity
interest in the net assets of a company?
A corporation has total liabilities of $350 million
$300 million, total owners' equity of
$100 million,
and current assets of $50 million. What is
the value of the firm's long term
assets?
Which situation should result in In 2014, a company provides services to a customer for
revenue recognition on the income which cash will be collected the next year (2015).
statement for the year ending 12/31/14
if the firm is using
accrual-basis accounting?
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and creditors
of the company?
, Information that is enough to make a Material
difference is referred to as
Information having to do with the Relevant
matter at hand
Information related to recognizing Conservatism
losses as they occur
Information that can be verified Reliable
Order the steps in the decision cycle PAGMI
from first (1) to last (5). 1. Prepare financial statements
2. Analyze financial statements
3.gather information
4. make decision
5. implement decision
Which form of debt should be Notes payable expected to be paid in 18 months
reported in the long-term liability
category?
Which two values affect the Operating expenses and ordinary gains and losses
measurement of net income?
Which two items' subtotals are Gross profit and income from operations
included in a multi-step income
statement?
Which item is an investing activity? Cash payments for purchase of plant assets
What impact does the sale of Increase in cash from investing activities
equipment have on the statement
of cash flows?
what is known about the direct and The indirect method is more popular among large U.S.
indirect methods of preparing companies
statements of cash
flow?
Which two examples represent The accounting department miscalculates the payroll
financial statement errors? tax due at year-end, resulting in an inaccurate
Choose 2 answers liability
The accountant unintentionally records amounts as
revenue that were prepaid by customers but not yet
earned
Which internal control is intended to The inventory department counts and inspects items
ensure that a company does not as received and forwards the receiving record to
mistakenly pay a accounts payable.
supplier for an invoice that includes
more items than were actually
received?
