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C213 PA 2025/2026 Exam Questions and
Answers 100% Guaranteed Success |
Already Rated A+
What does accounting focus on? - 🧠 ANSWER ✔✔The impact a business's
activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? - 🧠 ANSWER
✔✔Statement of cash flows
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? - 🧠 ANSWER ✔✔Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)? - 🧠 ANSWER ✔✔An increase in its
comparability to other companies
Which body regulates a certified public accounting firm's audit practices when the
firm is auditing a large publicly traded company? - 🧠 ANSWER ✔✔The Internal
Revenue Service (IRS)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
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What has had the most significant impact on accounting practices? - 🧠 ANSWER
✔✔Information technology
What two items of information are revealed on the balance sheet? - 🧠 ANSWER
✔✔Ownership and Debt
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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
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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
Match each accounting term with its definition. - 🧠 ANSWER ✔✔Reliable-
Information that can be verified
Relevant-Information having to do with the matter at hand
Material-Information that is important enough to make a difference
Conservatism-Information related to recognizing losses as they occur
Order the steps in the decision cycle from first (1) to last (5) - 🧠 ANSWER ✔✔1-
Prepare financial statements
2- Analyze financial statements
3- Gather information
4- Make decision
5- Implement decision
Partial financial information for a company is as follows:
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
C213 PA 2025/2026 Exam Questions and
Answers 100% Guaranteed Success |
Already Rated A+
What does accounting focus on? - 🧠 ANSWER ✔✔The impact a business's
activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? - 🧠 ANSWER
✔✔Statement of cash flows
Which users would have a primary concern with an organization's ability to
provide healthcare benefits? - 🧠 ANSWER ✔✔Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)? - 🧠 ANSWER ✔✔An increase in its
comparability to other companies
Which body regulates a certified public accounting firm's audit practices when the
firm is auditing a large publicly traded company? - 🧠 ANSWER ✔✔The Internal
Revenue Service (IRS)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,2
What has had the most significant impact on accounting practices? - 🧠 ANSWER
✔✔Information technology
What two items of information are revealed on the balance sheet? - 🧠 ANSWER
✔✔Ownership and Debt
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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, 3
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
Match each accounting term with its definition. - 🧠 ANSWER ✔✔Reliable-
Information that can be verified
Relevant-Information having to do with the matter at hand
Material-Information that is important enough to make a difference
Conservatism-Information related to recognizing losses as they occur
Order the steps in the decision cycle from first (1) to last (5) - 🧠 ANSWER ✔✔1-
Prepare financial statements
2- Analyze financial statements
3- Gather information
4- Make decision
5- Implement decision
Partial financial information for a company is as follows:
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
