WGU C213 Accounting for Decision Makers Exam Questions with 100% verified Answers | Already passed|Graded A+

What does accounting focus on? - The impact a business's activities have on it's overall financial performance Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? - Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - Employees Which benefit does a corporation gain by following Generally Accepted Accounting Principals (GAAP)? - An increase in its comparability to other companies Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? - The FASB What has had the most significant impact on accounting practices? - Information Technology What two items of information are revealed on the balance sheet? - Debt, Ownership Which term is defined as the residual interest in the net assets of a company? - Owner's equity A corporation has total liabilities of $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? - $350 million 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? - In 2014, a company provides services to a customer for which cash will be collected the next year (2015)