WGU C213 PVAC EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS
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Terms in this set (48)
What does accounting focus on? The impact a business's activities have on it's overall
financial performance
Which report summarizes cash Statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
Which benefit does a corporation An increase in its comparability to other companies
gain by following Generally Accepted
Accounting Principals (GAAP)?
, Which body regulates a certified The FASB
public accounting firm's audit
practices when the firm is auditing a
large publicly traded company?
What has had the most significant Information Technology
impact on accounting practices?
What two items of information are Debt, Ownership
revealed on the balance sheet?
Which term is defined as the residual Owner's equity
interest in the net assets of a
company?
A corporation has total liabilities of $350 million
$300 million, total owner's 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
revenue recognition on the income for 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?
Where would an investor find a In the notes to the financial statements
summary of a company's significant
accounting policies?
What does it mean if a company has a The company has 1.5% more total liabilities that total
debt ratio of 101.5%? assets
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (48)
What does accounting focus on? The impact a business's activities have on it's overall
financial performance
Which report summarizes cash Statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
Which benefit does a corporation An increase in its comparability to other companies
gain by following Generally Accepted
Accounting Principals (GAAP)?
, Which body regulates a certified The FASB
public accounting firm's audit
practices when the firm is auditing a
large publicly traded company?
What has had the most significant Information Technology
impact on accounting practices?
What two items of information are Debt, Ownership
revealed on the balance sheet?
Which term is defined as the residual Owner's equity
interest in the net assets of a
company?
A corporation has total liabilities of $350 million
$300 million, total owner's 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
revenue recognition on the income for 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?
Where would an investor find a In the notes to the financial statements
summary of a company's significant
accounting policies?
What does it mean if a company has a The company has 1.5% more total liabilities that total
debt ratio of 101.5%? assets
