WGU C213 FINAL
EXAM: ACCOUNTING
FOR DECISION
MAKERS
QUESTIONS AND
ANSWERS (2025/2026)
VERIFIED SOLUTION
, WGU C213 PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS PVAC
1. What does accounting focus on--VERIFIED SOLUTION--The impact a
business's activities have on its overall financial performance
2. Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time--VERIFIED SOLUTION--State- ment of cash flows
3. Which users would have a primary concern with an organization's ability
to provide healthcare benefits--VERIFIED SOLUTION--Employees
4. Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company--VERIFIED
SOLUTION--The Public Com- pany Accounting Oversight Board (PCAOB)
5. What has had the most significant impact on accounting
practices--VERIFIED SOLUTION--Infor- mation technology
6. What two items of information are revealed on the balance sheet?
Choose 2 answers: Ownership.
Debt
7. Which term is defined as the residual interest in the net assets of a
company--VERIFIED SOLUTION--Owners' equity
8. 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--VERIFIED SOLUTION--$350
million
9. Which situation should result in revenue recognition on the income state-
ment for the year ending 12/31/14 if the firm is using accrual-basis account-
ing--VERIFIED SOLUTION--In 2014, a company provides services to a
customer for which cash will be collected the next year (2015).
10. Which category on the statement of cash flows summarizes cash receipts
and payments to owners and creditors of the company--VERIFIED
SOLUTION--Cash flows from financing activities
11. Where would an investor find a summary of a company's significant
accounting policies--VERIFIED SOLUTION--In the notes to financial
statements
12. Which assurance does an external audit report provide for its readers?-
: The company's financial statements fairly reflect its financial position
13. Reliable: Information that can be verified
EXAM: ACCOUNTING
FOR DECISION
MAKERS
QUESTIONS AND
ANSWERS (2025/2026)
VERIFIED SOLUTION
, WGU C213 PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS PVAC
1. What does accounting focus on--VERIFIED SOLUTION--The impact a
business's activities have on its overall financial performance
2. Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period of
time--VERIFIED SOLUTION--State- ment of cash flows
3. Which users would have a primary concern with an organization's ability
to provide healthcare benefits--VERIFIED SOLUTION--Employees
4. Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company--VERIFIED
SOLUTION--The Public Com- pany Accounting Oversight Board (PCAOB)
5. What has had the most significant impact on accounting
practices--VERIFIED SOLUTION--Infor- mation technology
6. What two items of information are revealed on the balance sheet?
Choose 2 answers: Ownership.
Debt
7. Which term is defined as the residual interest in the net assets of a
company--VERIFIED SOLUTION--Owners' equity
8. 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--VERIFIED SOLUTION--$350
million
9. Which situation should result in revenue recognition on the income state-
ment for the year ending 12/31/14 if the firm is using accrual-basis account-
ing--VERIFIED SOLUTION--In 2014, a company provides services to a
customer for which cash will be collected the next year (2015).
10. Which category on the statement of cash flows summarizes cash receipts
and payments to owners and creditors of the company--VERIFIED
SOLUTION--Cash flows from financing activities
11. Where would an investor find a summary of a company's significant
accounting policies--VERIFIED SOLUTION--In the notes to financial
statements
12. Which assurance does an external audit report provide for its readers?-
: The company's financial statements fairly reflect its financial position
13. Reliable: Information that can be verified
