1/27/25, 11:24 PM C213 WGU OA Prep
WGU C213 Accounting for Decision Makers|PA and OA|Explore New 208 Actual
Questions and Answers|2025 Update 100% Correct
Correct
Incorrect
208 Correct terms
Questions and answers
flows?
financing activities of an entity.
,1/27/25, 11:24 PM C213 WGU OA Prep
It highlights changes in managerial It provides information about an
strategy regarding investments and entity's cash receipts and payments
finances. over a period of time.
Don't know?
2 of 208
Term
Failure to record the used portion of supplies on hand during the
month has the following effect on the financial statements prepared
at the end of the month
Give this one a go later!
Understates net income Understates owner's equity
Overstate assets Overstates liabilities
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,1/27/25, 11:24 PM C213 WGU OA Prep
3 of 208
Term
When revenue and expense items are arranged to highlight
important profit relationships, the resulting income statement format
is called a -
Give this one a go later!
multiple-step income
comparative income statement
statement
classified income statement single-step income statement
Don't know?
4 of 208
Term
Which of the following is an example of additional information about
summary totals that would be explained in the notes to the financial
statements?
Give this one a go later!
The method used to estimate
The disclosure of quarterly financial
depreciation on a piece of
information
equipment
, 1/27/25, 11:24 PM C213 WGU OA Prep
The description of all the
The disclosure of the uncertain,
individual items that comprise
potential outcome of a lawsuit
notes payable
Don't know?
5 of 208
Term
With the current state of information technology, investors outside a
company are now allowed access to a company's internal database
of financial information and do their own customized analysis of a
firm's performance.
Give this one a go later!
False False
Don't know?
6 of 208
Term
When a company borrows money from a bank to be repaid in over
time, the effect on the accounting equation for the company will be
to
WGU C213 Accounting for Decision Makers|PA and OA|Explore New 208 Actual
Questions and Answers|2025 Update 100% Correct
Correct
Incorrect
208 Correct terms
Questions and answers
flows?
financing activities of an entity.
,1/27/25, 11:24 PM C213 WGU OA Prep
It highlights changes in managerial It provides information about an
strategy regarding investments and entity's cash receipts and payments
finances. over a period of time.
Don't know?
2 of 208
Term
Failure to record the used portion of supplies on hand during the
month has the following effect on the financial statements prepared
at the end of the month
Give this one a go later!
Understates net income Understates owner's equity
Overstate assets Overstates liabilities
Don't know?
,1/27/25, 11:24 PM C213 WGU OA Prep
3 of 208
Term
When revenue and expense items are arranged to highlight
important profit relationships, the resulting income statement format
is called a -
Give this one a go later!
multiple-step income
comparative income statement
statement
classified income statement single-step income statement
Don't know?
4 of 208
Term
Which of the following is an example of additional information about
summary totals that would be explained in the notes to the financial
statements?
Give this one a go later!
The method used to estimate
The disclosure of quarterly financial
depreciation on a piece of
information
equipment
, 1/27/25, 11:24 PM C213 WGU OA Prep
The description of all the
The disclosure of the uncertain,
individual items that comprise
potential outcome of a lawsuit
notes payable
Don't know?
5 of 208
Term
With the current state of information technology, investors outside a
company are now allowed access to a company's internal database
of financial information and do their own customized analysis of a
firm's performance.
Give this one a go later!
False False
Don't know?
6 of 208
Term
When a company borrows money from a bank to be repaid in over
time, the effect on the accounting equation for the company will be
to
