WGU C213 PA & OA STUDY GUIDE #2
UPDATED EXAM 2025 COMPLETE
MULTIPLE CHOICE QUESTION BANK
WITH VERIFIED ANSWERS,DETAILED
EXPLANATIONS AND 100% PASS
GUARANTEE (LATEST EDITION)
The current standard-setting board for accounting in the
private sector is the - THE CORRECT ANSWER-Financial Accounting
Standards Board (FASB)
Which of the following organizations has specific legal authority
to establish accounting standards for publicly held companies? -
THE CORRECT ANSWER-Securities and Exchange Commission (SEC)
Which is NOT a service typically provided by large public
accounting firms? - THE CORRECT ANSWER-Making management
decisions
The organization that develops worldwide accounting standards
is the - THE CORRECT ANSWER-International Accounting Standards
Board (IASB)
The initials CPA stand for - THE CORRECT ANSWER-Certified Public
Accountant
,Which of the following financial statements reports a
company's resources, obligations, and owner's equity? - THE
CORRECT ANSWER-Balance sheet
Which of the following financial statements reports the excess
of a company's revenues over its expenses? - THE CORRECT ANSWER-
Income statement
Which of the following financial statements reports the amount
of cash collected and paid out by a company? - THE CORRECT
ANSWER-Statement of cash flows
The emphasis in financial accounting is on which of the
following external user groups? - THE CORRECT ANSWER-Investors
and creditors
The primary internal group that uses accounting information is
- THE CORRECT ANSWER-Management
Internal reports are generally used by - THE CORRECT ANSWER-
Management
Which of the following is NOT an external user of financial
information? - THE CORRECT ANSWER-Management
Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)? - THE CORRECT ANSWER-It is a government
agency
,Generally accepted accounting principles are - THE CORRECT
ANSWER-Developed by accounting rule makers
The initials GAAP stand for - THE CORRECT ANSWER-Generally
Accepted Accounting Principles
The current standard-setting board for accounting in the
private sector is the - THE CORRECT ANSWER-Financial Accounting
Standards Board (FASB)
Which of the following organizations has specific legal authority
to establish accounting standards for publicly held companies? -
THE CORRECT ANSWER-Securities and Exchange Commission (SEC)
Which of the following is NOT a service typically provided by
large public accounting firms? - THE CORRECT ANSWER-Making
management decisions
The organization that develops worldwide accounting standards
is the - THE CORRECT ANSWER-International Accounting Standards
Board (IASB)
The initials CPA stand for - THE CORRECT ANSWER-Certified Public
Accountant
Standards established by the International Accounting
Standards Board are referred to as - THE CORRECT ANSWER-
International Financial Accounting Standards
, Which of the following is NOT a reason for the integration of
worldwide accounting standards? - THE CORRECT ANSWER-the
theoretical necessity of a common set of accounting standards
The International Accounting Standards Board (IASB) is
charged with developing worldwide accounting practices - THE
CORRECT ANSWER-True
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. - THE CORRECT
ANSWER-False
Increased federal oversight of the audit process resulted from
the passage of the following act of Congress - THE CORRECT ANSWER-
Sarbanes-Oxley Act
Steps in the decision cycle from first (1) to last (5) - THE CORRECT
ANSWER-Prepare financial statements
Analyze financial statements
Gather information
Make decision
Implement decision
What is the price-earnings (PE) ratio for this company?
Partial financial information for a company is as follows:
Current assets $36,543
UPDATED EXAM 2025 COMPLETE
MULTIPLE CHOICE QUESTION BANK
WITH VERIFIED ANSWERS,DETAILED
EXPLANATIONS AND 100% PASS
GUARANTEE (LATEST EDITION)
The current standard-setting board for accounting in the
private sector is the - THE CORRECT ANSWER-Financial Accounting
Standards Board (FASB)
Which of the following organizations has specific legal authority
to establish accounting standards for publicly held companies? -
THE CORRECT ANSWER-Securities and Exchange Commission (SEC)
Which is NOT a service typically provided by large public
accounting firms? - THE CORRECT ANSWER-Making management
decisions
The organization that develops worldwide accounting standards
is the - THE CORRECT ANSWER-International Accounting Standards
Board (IASB)
The initials CPA stand for - THE CORRECT ANSWER-Certified Public
Accountant
,Which of the following financial statements reports a
company's resources, obligations, and owner's equity? - THE
CORRECT ANSWER-Balance sheet
Which of the following financial statements reports the excess
of a company's revenues over its expenses? - THE CORRECT ANSWER-
Income statement
Which of the following financial statements reports the amount
of cash collected and paid out by a company? - THE CORRECT
ANSWER-Statement of cash flows
The emphasis in financial accounting is on which of the
following external user groups? - THE CORRECT ANSWER-Investors
and creditors
The primary internal group that uses accounting information is
- THE CORRECT ANSWER-Management
Internal reports are generally used by - THE CORRECT ANSWER-
Management
Which of the following is NOT an external user of financial
information? - THE CORRECT ANSWER-Management
Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)? - THE CORRECT ANSWER-It is a government
agency
,Generally accepted accounting principles are - THE CORRECT
ANSWER-Developed by accounting rule makers
The initials GAAP stand for - THE CORRECT ANSWER-Generally
Accepted Accounting Principles
The current standard-setting board for accounting in the
private sector is the - THE CORRECT ANSWER-Financial Accounting
Standards Board (FASB)
Which of the following organizations has specific legal authority
to establish accounting standards for publicly held companies? -
THE CORRECT ANSWER-Securities and Exchange Commission (SEC)
Which of the following is NOT a service typically provided by
large public accounting firms? - THE CORRECT ANSWER-Making
management decisions
The organization that develops worldwide accounting standards
is the - THE CORRECT ANSWER-International Accounting Standards
Board (IASB)
The initials CPA stand for - THE CORRECT ANSWER-Certified Public
Accountant
Standards established by the International Accounting
Standards Board are referred to as - THE CORRECT ANSWER-
International Financial Accounting Standards
, Which of the following is NOT a reason for the integration of
worldwide accounting standards? - THE CORRECT ANSWER-the
theoretical necessity of a common set of accounting standards
The International Accounting Standards Board (IASB) is
charged with developing worldwide accounting practices - THE
CORRECT ANSWER-True
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. - THE CORRECT
ANSWER-False
Increased federal oversight of the audit process resulted from
the passage of the following act of Congress - THE CORRECT ANSWER-
Sarbanes-Oxley Act
Steps in the decision cycle from first (1) to last (5) - THE CORRECT
ANSWER-Prepare financial statements
Analyze financial statements
Gather information
Make decision
Implement decision
What is the price-earnings (PE) ratio for this company?
Partial financial information for a company is as follows:
Current assets $36,543
