WGU C213 | WGU C213 PRE ASSESSMENT AND WELL
ELABORATED ANSWERS TOP RATED VERSION FOR
ALREADY A GRADED WITH EXPERT FEEDBACK
| 2025/2026 NEW AND REVISED .
Which two requirements must accounting firms that audit
public companies meet under the Sarbanes-Oxley Act?
Choose 2 answers - ANSWER-Firms must not provide certain
nonaudit services to audit clients, such as management
functions or legal services. Firms must report to and be
retained by the audit committee rather than the CFO or other
company management.
Which two requirements must management of public
companies meet under the Sarbanes-Oxley Act?
Choose 2 answers - ANSWER-They must provide an
assessment of the effectiveness of internal controls with each
annual report. They must support a stronger board and audit
committee.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements?
,Choose 2 answers - ANSWER-They search for and investigate
fraud. They review financial records and internal controls.
What is a significant role of the U.S. Securities and Exchange
Commission (SEC) in financial reporting? - ANSWER-They
ensure that financial statement users are provided with reliable
information to use in decision making
What does management accounting provide?
Choose 2 answers - ANSWER-The insight that management
needs so the business can perform more effectively. The
detailed data that managers need to make decisions that will
give the business a competitive edge.
How does management accounting differ from financial
accounting? - ANSWER-Management accounting is used
primarily for internal planning, control, and evaluation.
Which account is seen on the balance sheet of a manufacturing
company but not on the balance sheet of a service-oriented
company? - ANSWER-Inventory
,What is a cost that will change in the future based upon the
decision made? - ANSWER-Differential cost
Which two examples are period costs?
Choose 2 answers - ANSWER-Administrative expenses. Selling
expenses.
A company manufactures custom-built wooden bookshelves.
Which two costs would the company classify as period costs?
Choose 2 answers - ANSWER-Salary cost of the receptionist.
Advertising cost.
Which term is defined as the residual interest in the net assets
of a company? - ANSWER-Owners' equity
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
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? - ANSWER-In 2014, a company
provides services to a customer for which cash will be
collected the next year (2015).
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
Where would an investor find a summary of a company's
significant accounting policies? - ANSWER-In the notes to
financial statements
Which assurance does an external audit report provide for its
readers? - ANSWER-The company's financial statements fairly
reflect its financial position
Reliable - ANSWER-Information that can be verified
Relevant - ANSWER-Information having to do with the matter at
hand
Material - ANSWER-Information that is important enough to
make a difference
ELABORATED ANSWERS TOP RATED VERSION FOR
ALREADY A GRADED WITH EXPERT FEEDBACK
| 2025/2026 NEW AND REVISED .
Which two requirements must accounting firms that audit
public companies meet under the Sarbanes-Oxley Act?
Choose 2 answers - ANSWER-Firms must not provide certain
nonaudit services to audit clients, such as management
functions or legal services. Firms must report to and be
retained by the audit committee rather than the CFO or other
company management.
Which two requirements must management of public
companies meet under the Sarbanes-Oxley Act?
Choose 2 answers - ANSWER-They must provide an
assessment of the effectiveness of internal controls with each
annual report. They must support a stronger board and audit
committee.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements?
,Choose 2 answers - ANSWER-They search for and investigate
fraud. They review financial records and internal controls.
What is a significant role of the U.S. Securities and Exchange
Commission (SEC) in financial reporting? - ANSWER-They
ensure that financial statement users are provided with reliable
information to use in decision making
What does management accounting provide?
Choose 2 answers - ANSWER-The insight that management
needs so the business can perform more effectively. The
detailed data that managers need to make decisions that will
give the business a competitive edge.
How does management accounting differ from financial
accounting? - ANSWER-Management accounting is used
primarily for internal planning, control, and evaluation.
Which account is seen on the balance sheet of a manufacturing
company but not on the balance sheet of a service-oriented
company? - ANSWER-Inventory
,What is a cost that will change in the future based upon the
decision made? - ANSWER-Differential cost
Which two examples are period costs?
Choose 2 answers - ANSWER-Administrative expenses. Selling
expenses.
A company manufactures custom-built wooden bookshelves.
Which two costs would the company classify as period costs?
Choose 2 answers - ANSWER-Salary cost of the receptionist.
Advertising cost.
Which term is defined as the residual interest in the net assets
of a company? - ANSWER-Owners' equity
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
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? - ANSWER-In 2014, a company
provides services to a customer for which cash will be
collected the next year (2015).
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
Where would an investor find a summary of a company's
significant accounting policies? - ANSWER-In the notes to
financial statements
Which assurance does an external audit report provide for its
readers? - ANSWER-The company's financial statements fairly
reflect its financial position
Reliable - ANSWER-Information that can be verified
Relevant - ANSWER-Information having to do with the matter at
hand
Material - ANSWER-Information that is important enough to
make a difference
