WGU C213 PRE-ASSESSMENT & OBJECTIVE ASSESSMENT QUESTIONS & ANSWER… EXAM
P R O F E S S I O N A L P R A C T I C E M AT E R I A L S
WGU C213 Pre-Assessment &
Objective Assessment
Questions & Answers 2026-
2027 | Comprehensive
Review
Verified Answers Exam Ready With Rationales
246 QUESTIONS
DOCUMENT OVERVIEW
This document contains 246 validated questions paired with their correct answers, offering a
comprehensive review of accounting principles and practices. It serves as a valuable resource for students
preparing for exams, certifications, or seeking to strengthen their understanding of financial performance
and reporting. With its clear format and direct answer provision, it facilitates effective study and review,
ensuring mastery of essential accounting concepts.
CONTENTS
• Financial Performance • Financial Statements
• Auditing Standards • Liabilities and Equity
• Cash Flow Analysis • Internal Controls
• Management Accounting • Inventory Management
• Cost Accounting • Ethics in Accounting
• Cost Drivers • Regulatory Compliance
• Accounting Principles • Revenue Recognition
Page 1
, • Financial Ratios
E XA M Q U EST I O N S
Q1 QUESTION 1 OF 246
The impact a business's activities have on its overall financial performance
CORRECT ANSWER
What does accounting focus on?
Q2 QUESTION 2 OF 246
Employees
CORRECT ANSWER
Which users would have a primary concern with an organization's ability to provide healthcare benefits?
Q3 QUESTION 3 OF 246
The company's financial statements fairly reflect its financial position
CORRECT ANSWER
Which assurance does an external audit report provide for its readers?
Q4 QUESTION 4 OF 246
They ensure that financial statement users are provided with reliable information to use in decision making
CORRECT ANSWER
What is a significant role of the U.S. Securities and Exchange Commission (SEC) in financial reporting?
Q5 QUESTION 5 OF 246
A better insight for management so a business can perform more effectively
&
A competitive edge to a business by providing its managers with the detailed data needed to make decisions
Page 2
, CORRECT ANSWER
What does management accounting provide?
Q6 QUESTION 6 OF 246
Administrative expenses &
Selling expenses
CORRECT ANSWER
Which are examples are period costs?
Q7 QUESTION 7 OF 246
Make loans to executive officers and directors
CORRECT ANSWER
Which of the following does Sarbanes-Oxley NOT require management to do?
Q8 QUESTION 8 OF 246
Facility support activity
CORRECT ANSWER
If activity based costing is used, security guard wages would be classified as a:
Q9 QUESTION 9 OF 246
Executing sales transactions for organizations
CORRECT ANSWER
Which of the following is NOT a function of accounting?
Q10 QUESTION 10 OF 246
It identifies a company's assets and liabilities as of a specific date
CORRECT ANSWER
Which of the following is true of the balance sheet?
Page 3
, Q11 QUESTION 11 OF 246
Management
CORRECT ANSWER
The accuracy of financial information contained in the financial statements is the responsibility of
Q12 QUESTION 12 OF 246
Sales + Assets
CORRECT ANSWER
Which of the following ratios is used to measure a firm's efficiency?
Q13 QUESTION 13 OF 246
Increase buildings and increase mortgage payments
CORRECT ANSWER
When a company buys a warehouse by using a mortgage with a local bank, the effect on the accounting equation
for the company will be to
Q14 QUESTION 14 OF 246
Net income
CORRECT ANSWER
A measure of a company's performance that is intended to summarize in one number the overall performance of a
company in a given period is
Q15 QUESTION 15 OF 246
Cash disbursement
CORRECT ANSWER
Which of the following is NOT an acceptable basis for the recognition of expenses?
Q16 QUESTION 16 OF 246
It measures the profitability of a entity
Page 4
P R O F E S S I O N A L P R A C T I C E M AT E R I A L S
WGU C213 Pre-Assessment &
Objective Assessment
Questions & Answers 2026-
2027 | Comprehensive
Review
Verified Answers Exam Ready With Rationales
246 QUESTIONS
DOCUMENT OVERVIEW
This document contains 246 validated questions paired with their correct answers, offering a
comprehensive review of accounting principles and practices. It serves as a valuable resource for students
preparing for exams, certifications, or seeking to strengthen their understanding of financial performance
and reporting. With its clear format and direct answer provision, it facilitates effective study and review,
ensuring mastery of essential accounting concepts.
CONTENTS
• Financial Performance • Financial Statements
• Auditing Standards • Liabilities and Equity
• Cash Flow Analysis • Internal Controls
• Management Accounting • Inventory Management
• Cost Accounting • Ethics in Accounting
• Cost Drivers • Regulatory Compliance
• Accounting Principles • Revenue Recognition
Page 1
, • Financial Ratios
E XA M Q U EST I O N S
Q1 QUESTION 1 OF 246
The impact a business's activities have on its overall financial performance
CORRECT ANSWER
What does accounting focus on?
Q2 QUESTION 2 OF 246
Employees
CORRECT ANSWER
Which users would have a primary concern with an organization's ability to provide healthcare benefits?
Q3 QUESTION 3 OF 246
The company's financial statements fairly reflect its financial position
CORRECT ANSWER
Which assurance does an external audit report provide for its readers?
Q4 QUESTION 4 OF 246
They ensure that financial statement users are provided with reliable information to use in decision making
CORRECT ANSWER
What is a significant role of the U.S. Securities and Exchange Commission (SEC) in financial reporting?
Q5 QUESTION 5 OF 246
A better insight for management so a business can perform more effectively
&
A competitive edge to a business by providing its managers with the detailed data needed to make decisions
Page 2
, CORRECT ANSWER
What does management accounting provide?
Q6 QUESTION 6 OF 246
Administrative expenses &
Selling expenses
CORRECT ANSWER
Which are examples are period costs?
Q7 QUESTION 7 OF 246
Make loans to executive officers and directors
CORRECT ANSWER
Which of the following does Sarbanes-Oxley NOT require management to do?
Q8 QUESTION 8 OF 246
Facility support activity
CORRECT ANSWER
If activity based costing is used, security guard wages would be classified as a:
Q9 QUESTION 9 OF 246
Executing sales transactions for organizations
CORRECT ANSWER
Which of the following is NOT a function of accounting?
Q10 QUESTION 10 OF 246
It identifies a company's assets and liabilities as of a specific date
CORRECT ANSWER
Which of the following is true of the balance sheet?
Page 3
, Q11 QUESTION 11 OF 246
Management
CORRECT ANSWER
The accuracy of financial information contained in the financial statements is the responsibility of
Q12 QUESTION 12 OF 246
Sales + Assets
CORRECT ANSWER
Which of the following ratios is used to measure a firm's efficiency?
Q13 QUESTION 13 OF 246
Increase buildings and increase mortgage payments
CORRECT ANSWER
When a company buys a warehouse by using a mortgage with a local bank, the effect on the accounting equation
for the company will be to
Q14 QUESTION 14 OF 246
Net income
CORRECT ANSWER
A measure of a company's performance that is intended to summarize in one number the overall performance of a
company in a given period is
Q15 QUESTION 15 OF 246
Cash disbursement
CORRECT ANSWER
Which of the following is NOT an acceptable basis for the recognition of expenses?
Q16 QUESTION 16 OF 246
It measures the profitability of a entity
Page 4
