WGU C213 PA & OA Study Guide Exam Questions & Answers 100% Accurate

What does accounting focus on? - ANSWER-The impact a business's activities have on its overall financial performance Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? - ANSWER-Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - ANSWER-Employees Which benefit does a corporation gain by following Generally Accepted Accounting Principles (GAPP)? - ANSWER-An increase in its compatibility to other companies Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? - ANSWER-The Public Company Accounting Oversight Board (PACOB) What has had the most significant impact on Accounting practices? - ANSWER-Information technology What two items of information are revealed on the balance sheet? - ANSWER-Ownership and Debt Which term is defined as the residual in the net assets of a company? - ANSWER-Owners equity Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual accounting? - ANSWER-In 2014, a