WGU C213 PA & OA Study Guide With 246 Questions and answers New!!2025/2026

WGU C213 PA & OA Study Guide With 246 Questions
and answers New!!2025/2026

The impact a business's activities have on its overall financial performance - Correct Answers
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What does accounting focus on?
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Il` Statement of cash flows - Correct Answers Which report summarizes cash collections and cash
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Il` expenditures from operating, investing, and financing activities over a period of time? Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




Il` Employees - Correct Answers Which users would have a primary concern with an organization's
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Il` ability to provide healthcare benefits?
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Il` An increase in its compatibility to other companies - Correct Answers Which benefit does a
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Il` corporation gain by following Generally Accepted Accounting Principles (GAPP)?
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Il` The Public Company Accounting Oversight Board (PACOB) - Correct Answers Which body
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Il` regulates a certified public accounting firm's audit practices when the firm is auditing a large
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Il` publicly traded company? Il` Il`




Il` Information technology - Correct Answers What has had the most significant impact on
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Il` Accounting practices? Il`




Il` Ownership and Debt - Correct Answers What two items of information are revealed on the
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Il` balance sheet? Il`




Il` Owners equity - Correct Answers Which term is defined as the residual in the net assets of a
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Il` company?

,Il` In 2014, a company provides services to a customer for which cash will be collected the next year
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Il` (2015). - Correct Answers Which situation should result in revenue recognition on the income
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Il` statement for the year ending 12/31/14 if the firm is using accrual accounting?
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Il` Cash from financing activities - Correct Answers Which category on the statement of cash flows
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Il` summarizes cash receipts and payments to owners and creditors of the company? Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




Il` In the notes to financial statements - Correct Answers Where would an investor find a summary
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Il` of a company's significant accounting policies?
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Il` The company's financial statements fairly reflect its financial position - Correct Answers Which
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Il` assurance does an external audit report provide for its readers? Il` Il` Il` Il` Il` Il` Il` Il` Il`




Il` Reliable - Correct Answers Information that can be verified
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Il` Relevant - Correct Answers Information having to do with the matter at hand
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Il` Material - Correct Answers Information that is important enough to make a difference
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Il` Conservatism - Correct Answers Information related to recognizing losses as they occur Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




Il` Continual decrease in sales - Correct Answers What is consistent with a continual decline in
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Il` gross profit if the firm's cost of goods sold remains the same?
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Il` Notes payable expected to be paid in 18 months - Correct Answers Which form of debt should
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Il` be reported in the long-term liability category?
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Il` Operating expenses & Il` Il`

, Ordinary gains and losses - Correct Answers Which values affect the measurement of net
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income?
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Il` Gross profit & Il` Il`




Income from operations - Correct Answers Which items' subtotals are included in a multi-step
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income statement?
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Il` Cash from investing activities - Correct Answers What is a common category in a statement of
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Il` cash flows? Il`




Il` Cash from financing activities - Correct Answers Which cash flow category would include "cash
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Il` received from investors"? Il` Il`




Il` Cash payments for purchase of plant assets - Correct Answers Which item is an investing
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Il` activity?



Il` Increase in cash from investing activities - Correct Answers What impact does the sale of
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Il` equipment have on the statement of cash flows? Il` Il` Il` Il` Il` Il` Il`




Il` The indirect method is more popular among large U.S. companies - Correct Answers What is
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Il` known about the direct and indirect methods of preparing statements of cash flow?
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Il` The inventory department counts and inspects items as received and forwards the receiving
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Il` record to accounts payable. - Correct Answers Which internal control is intended to ensure that
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Il` a company does not mistakenly pay a supplier for an invoice that includes more items than were
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Il` actually received? Il`




Il` Pressure to meet internal sales goals & Il` Il` Il` Il` Il` Il`