WGU C213 PA & OA Study Guide EXAM || MOST RECENT EXAM
2026-2027 ACTUAL COMPLETE MOST TESTED REAL EXAM
QUESTIONS AND VERIFIED SOLUTIONS | GET IT
100% ACCURATE!! ALREADY GRADED A+!!
NEWEST EXAM | JUST RELEASED!!
Which is the most correct definition of accounting? - ANSWER
-A system of providing quantitative information, primarily
financial in nature, about economic entities that is intended to
be useful in making economic decisions
Which of the following is NOT one of the three primary
financial statements? -
ANSWER -Statement of retained
earnings
Which of the following financial statements reports a
company's resources,
obligations, and owners equity - ANSWER -
Balance sheet
Which of the following financial statements reports the excess
of the company's
revenues over its expenses? - ANSWER -Income
statement
,Which of the following financial statements reports the amount
of cash collected
and paid out by a company? - ANSWER -Statement
of cash flows
The emphasis on financial accounting is on which of the
following external user
groups? - ANSWER -Investors and
creditors
The primary internal group that uses accounting information
is? - ANSWER -
Management
Internal reports are generally used by? - ANSWER -Management
Which of the following is NOT an external user of financial
information? -
ANSWER -
Management
Which of the following in NOT true of the Financial Accounting
Standards Board
(FASB)? - ANSWER -It is a government
agency
Which of the following types of costs are most likely to be
classified as period
,costs? - ANSWER -
Administrative costs
A non-manufacturing cost is classified as - ANSWER -A period
cost
The most important costs to consider when making a decision
involving future
action are: - ANSWER -
Differential costs
Costs that are directly traceable to a unit of business or
segment being
analyzed are called: - ANSWER -
Direct costs
The top accountant in most large organizations is usually called
the: - ANSWER
-
Controller
What is the first step a business professional should take when
confronted with
a situation that may involve a ethical conflict? - ANSWER -
Discuss the problem
with an immediate
supervisor
, Which of the following is NOT typically true of accounting
information? -
ANSWER -The information relates to future
time periods
Which of the following is NOT a function of accounting? -
ANSWER -Executing
sales transactions for
organizations
Which of the following is true of double-entry system of
bookkeeping? -
ANSWER -It was developed in the 1930's-
1940's in Italy
Which of the following is NOT a key component of the definition
of accounting?
- ANSWER –
Qualitative
Which of the following transactions is LEAST likely to be a
separate item on a
statement of cash flows prepared using the indirect method? -
ANSWER -The
collection of accounts
receivable
The method by which cash flows are presented on a statement
of cash flows as
2026-2027 ACTUAL COMPLETE MOST TESTED REAL EXAM
QUESTIONS AND VERIFIED SOLUTIONS | GET IT
100% ACCURATE!! ALREADY GRADED A+!!
NEWEST EXAM | JUST RELEASED!!
Which is the most correct definition of accounting? - ANSWER
-A system of providing quantitative information, primarily
financial in nature, about economic entities that is intended to
be useful in making economic decisions
Which of the following is NOT one of the three primary
financial statements? -
ANSWER -Statement of retained
earnings
Which of the following financial statements reports a
company's resources,
obligations, and owners equity - ANSWER -
Balance sheet
Which of the following financial statements reports the excess
of the company's
revenues over its expenses? - ANSWER -Income
statement
,Which of the following financial statements reports the amount
of cash collected
and paid out by a company? - ANSWER -Statement
of cash flows
The emphasis on financial accounting is on which of the
following external user
groups? - ANSWER -Investors and
creditors
The primary internal group that uses accounting information
is? - ANSWER -
Management
Internal reports are generally used by? - ANSWER -Management
Which of the following is NOT an external user of financial
information? -
ANSWER -
Management
Which of the following in NOT true of the Financial Accounting
Standards Board
(FASB)? - ANSWER -It is a government
agency
Which of the following types of costs are most likely to be
classified as period
,costs? - ANSWER -
Administrative costs
A non-manufacturing cost is classified as - ANSWER -A period
cost
The most important costs to consider when making a decision
involving future
action are: - ANSWER -
Differential costs
Costs that are directly traceable to a unit of business or
segment being
analyzed are called: - ANSWER -
Direct costs
The top accountant in most large organizations is usually called
the: - ANSWER
-
Controller
What is the first step a business professional should take when
confronted with
a situation that may involve a ethical conflict? - ANSWER -
Discuss the problem
with an immediate
supervisor
, Which of the following is NOT typically true of accounting
information? -
ANSWER -The information relates to future
time periods
Which of the following is NOT a function of accounting? -
ANSWER -Executing
sales transactions for
organizations
Which of the following is true of double-entry system of
bookkeeping? -
ANSWER -It was developed in the 1930's-
1940's in Italy
Which of the following is NOT a key component of the definition
of accounting?
- ANSWER –
Qualitative
Which of the following transactions is LEAST likely to be a
separate item on a
statement of cash flows prepared using the indirect method? -
ANSWER -The
collection of accounts
receivable
The method by which cash flows are presented on a statement
of cash flows as
