WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
1. The director of a marathon race wants to
The number of race
assign the cost of having police officers
partic- ipants and
along the race route to manage crowd
spectators.
control. Which consideration is an appropriate
cost driver?
2. What has had the most significant impact on account- Information
technology
ing practices?
3. Which users would have a primary concern Employees
with an organization's ability to provide
healthcare benefits?
4. What does accounting focus on? The impact a
business's activities
on its overall fi-
nancial
performance.
5. Which report summarizes cash collections and accounting
cash expenditures from operating, investing,
and financing activities over a period of
time?
6. Which benefit does a corporation gain by
following Generally Accepted Accounting
Principles (GAAP)?
7. Which body regulates a certified public
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
Statement of cash flows An increase in its compa-
rability to other compa-
nies.
The Public Company Ac-
firm's audit practices when the firm is auditing a large counting
Oversight Board
publicly traded company? (PCAOB)
8. What two items of information are Ownership and Debt
revealed on the balance sheet?
9. Which term is defined as the residual Owners' equity
interest in the net assets of a company?
10. $350 Million
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
A corporation has a total liabilities of $300
million, to- tal owners' equity of $100 million,
and current assets of $50 million. What is the
value of the firm's long-term assets? (Liabilities
+Assets)
2014, a company pro-
11. Which situation should result in revenue
recognition
on the income statement for the year ending 12/31/14 vides services
to a cus-
if the firm is using accrual-basis accounting? tomer for which cash
will be collected the
next year (2015).
12. Which category on the statement of cash Cash flows from
flows sum- marizes cash receipts and financing activities
payments to owners and creditors of the
company?
13. Where would an investor find a summary of a compa- In the notes to
financial
ny's significant accounting policies? statements
14. Reliable Information that can be
verified
15. Relevant Information having to do
with the matter at hand.
16. Material Information that is impor-
tant enough to make a dif-
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
ference.
17. Conservatism Information related to rec-
ognizing losses as
they oc- cur.
18. Which assurance does an external audit
report pro- vide for its readers?
ELABORATED COMPLETE SOLUTIONS PASSED
100%
1. The director of a marathon race wants to
The number of race
assign the cost of having police officers
partic- ipants and
along the race route to manage crowd
spectators.
control. Which consideration is an appropriate
cost driver?
2. What has had the most significant impact on account- Information
technology
ing practices?
3. Which users would have a primary concern Employees
with an organization's ability to provide
healthcare benefits?
4. What does accounting focus on? The impact a
business's activities
on its overall fi-
nancial
performance.
5. Which report summarizes cash collections and accounting
cash expenditures from operating, investing,
and financing activities over a period of
time?
6. Which benefit does a corporation gain by
following Generally Accepted Accounting
Principles (GAAP)?
7. Which body regulates a certified public
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
Statement of cash flows An increase in its compa-
rability to other compa-
nies.
The Public Company Ac-
firm's audit practices when the firm is auditing a large counting
Oversight Board
publicly traded company? (PCAOB)
8. What two items of information are Ownership and Debt
revealed on the balance sheet?
9. Which term is defined as the residual Owners' equity
interest in the net assets of a company?
10. $350 Million
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
A corporation has a total liabilities of $300
million, to- tal owners' equity of $100 million,
and current assets of $50 million. What is the
value of the firm's long-term assets? (Liabilities
+Assets)
2014, a company pro-
11. Which situation should result in revenue
recognition
on the income statement for the year ending 12/31/14 vides services
to a cus-
if the firm is using accrual-basis accounting? tomer for which cash
will be collected the
next year (2015).
12. Which category on the statement of cash Cash flows from
flows sum- marizes cash receipts and financing activities
payments to owners and creditors of the
company?
13. Where would an investor find a summary of a compa- In the notes to
financial
ny's significant accounting policies? statements
14. Reliable Information that can be
verified
15. Relevant Information having to do
with the matter at hand.
16. Material Information that is impor-
tant enough to make a dif-
,WGU C213 OA STUDY GUIDE QUESTIONS &
ELABORATED COMPLETE SOLUTIONS PASSED
100%
ference.
17. Conservatism Information related to rec-
ognizing losses as
they oc- cur.
18. Which assurance does an external audit
report pro- vide for its readers?
