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 1. 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 state- ment for the year ending 12/31/14 if the firm is using accrual-basis account- ing(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