WGU C213 ACCOUNTING FOR DECISION MAKERS OBJECTIVE ASSESSMENT EXAM Questions with Verified Answers (2025 / 2026) Grade A+ Guarantee

WGU C213 ACCOUNTING FOR DECISION MAKERS OBJECTIVE ASSESSMENT EXAM

Questions with Verified Answers
Grade A+ Guarantee




1. 1. The financial statement that reports resources owned, the obligations
g g g g g g g g g




to transfer resources to other organizations, and the claims by the entity's owners is known
g g g g g g g g g g g g g g




as the
g




A. Income statement g




B. Statement of retained earnings g g g




C. Balance sheet g




D. Statement of cash flows g g g g




ANS: c. Balance sheet
g g g




2. Another name for the balance sheet is the
g g g g g g g




a. Statement of cash flows g g g




b. Statement of earnings g g




c. Statement of financial position g g g




d. Retained earnings statement g g




ANS: c. Statement of financial position
g g g g g




1g/g 18

,3. Economic resources that are owned or controlled by an enterprise are called
g g g g g g g g g g g




a. Assets
b. Liabilities
c. Revenues
d. Gains
ANS: a. Assets
g g




4. Which of the following types of accounts are NOT found on the balance sheet?
g g g g g g g g g g g g g




a. Revenues
b. Assets
c. Liabilities
d. Owners' equity g g




ANS: a. Revenues
g g




5. Which of the following is generally considered to be an asset?
g g g g g g g g g g




a. Notes payable
g




b. Mortgage payable g




c. Accounts receivable g




d. Unearned revenue g




ANS: c. Accounts receivable
g g g




6. Which of the following accounts is NOT an asset account?
g g g g g g g g g




a. Equipment
b. Accounts Receivable g




c. Accounts Payable g




2g/g 18

,d. Supplies
ANS: c. Accounts Payable
g g g




7. Which of the following generally is NOT considered to be a liability?
g g g g g g g g g g g




a. Notes payable
g




b. Taxes payable
g




c. Inventory
d. Accounts payable g




gANS: c. Inventory
g g




3g/g 18

, 8. An enterprise's obligations to pay cash or other economic resources to ot
g g g g g g g g g g g




hers are calledg g




a. Liabilities
b. Expenses
c. Losses
d. Assets
ANS: d. Assets g g




9. Which of the following is generally considered to be a liability?
g g g g g g g g g g




a. Accounts receivable g




b. Capital stock g




c. Notes payable g




d. Retained earnings A g g




NS: c. Notes payable
g g g




10. Which of the following types of accounts show how resources came into a firm?
g g g g g g g g g g g g g




a. Liabilities
b. Owners' equity g




c. Assets
d. Both liabilities and owners' equity ANS
g g g g g




: d. Both liabilities and owners' equity
g g g g g g




11. A business owned by one person is called a
g g g g g g g g




A. Nonprofit organization g




B. Partnership

4g/g 18