WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified

WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS Questions And Answers (2022/2023) Verified. What does accounting focus on(answer) The impact a business's activities have on its overall financial performance 2. Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time(answer) State- ment of cash flows 3. Which users would have a primary concern with an organization's ability to provide healthcare benefits(answer) Employees 4. Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company(answer) The Public Com- pany Accounting Oversight Board (PCAOB) 5. What has had the most significant impact on accounting practices(answer) Infor- mation technology 6. What two items of information are revealed on the balance sheet? Choose 2 answers: Ownership. Debt 7. Which term is defined as the residual interest in the net assets of a company(answer) Owners' equity 8. A corporation has total liabilities of $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(answer) $350 million 9. Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual-basis accounting(answer) In 2014, a company provides services to a customer for which cash will be collected the next year (2015). 10. Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company(answer) Cash flows from financing activities 11. Where would an investor find a summary of a company's significant accounting policies(answer) In the notes to financial statements 12. Which assurance does an external audit report provide for its readers?- : The company's financial statements fairly reflect its financial position 13. Reliable: Information that can be verified 14. Relevant: Information having to do with the matter at hand 15. Material: Information that is important enough to make a difference 16. Conservatism: Information related to recognizing losses as they occur 17. steps in the decision cycle: 1 Prepare financial statements. 2 Analyze financial statements. 3 Gather information. 4 Make decision. 5 Implement decision We offer online tutoring and all assignment solutions for all modules. Reach out: