WGU C213 PA & OA Study Guide

WGU C213 PA & OA Study Guide The impact a business's activities have on its overall financial performance - AnswerWhat does accounting focus on? Statement of cash flows - AnswerWhich report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? Employees - AnswerWhich users would have a primary concern with an organization's ability to provide healthcare benefits? An increase in its compatibility to other companies - AnswerWhich benefit does a corporation gain by following Generally Accepted Accounting Principles (GAPP)? The Public Company Accounting Oversight Board (PACOB) - AnswerWhich body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? Information technology - AnswerWhat has had the most significant impact on Accounting practices? Ownership and Debt - AnswerWhat two items of information are revealed on the balance sheet? Owners equity - AnswerWhich term is defined as the residual in the net assets of a company? In 2014, a company provides services to a customer for which cash will be collected the next year (2015). - AnswerWhich situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual accounting? Cash from financing activities - AnswerWhich category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company? In the notes to financial statements - AnswerWhere would an investor find a summary of a company's significant accounting policies? The company's financial statements fairly reflect its financial position - AnswerWhich assurance does an external audit report provide for its readers? Reliable - AnswerInformation that can be verified Relevant - AnswerInformation having to do with the matter at hand Material - AnswerInformation that