C213 Pre-Assessment_Accounting for Decision Makers Insights | Actual Latest 2026 Test | Verified Solutions

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PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS
(PVAC)
Attempt #1 C213 Pre-Assessment_Accounting for Decision Makers Insights | Actual Latest

Status: Passed 2026 Test | Verified Solutions


1. What does accounting focus on?
YOUR CORRECT
ANSWER ANSWER


The impact a business's activities have on its relationships with customers


The impact a business's activities have on the environment


The impact a business's activities have on its public image


The impact a business's activities have on its overall nancial performance


2. Which report summarizes cash collections and cash expenditures from operating, investing, and nancing
activities over a period of time?
YOUR CORRECT
ANSWER ANSWER


Cash receipts and disbursements sheet


Cash ow schedule


Summary of cash receipts


Statement of cash ows


3. Which users would have a primary concern with an organization’s ability to provide healthcare bene ts?
YOUR CORRECT
ANSWER ANSWER


Competitors


Employees


Vendors


Suppliers


4. Which bene t does a corporation gain by following Generally Accepted Accounting Principles (GAAP)?



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YOUR
ANSWER ANSWER


A decrease in its income tax obligations


A decrease in the amount of net income it reports


An increase in its comparability to other companies


An increase in the amount of assets it reports


5. Which body regulates a certi ed public accounting rm’s audit practices when the rm is auditing a large
publicly traded company?
YOUR CORRECT
ANSWER ANSWER


The Public Company Accounting Oversight Board (PCAOB)


The Financial Accounting Standards Board (FASB)


Another certi ed public accounting (CPA) rm


The Internal Revenue Service (IRS)


6. What has had the most signi cant impact on accounting practices?
YOUR CORRECT
ANSWER ANSWER


Certi cation requirements


New product innovations


Information technology


Mobile computing


7. What two items of information are revealed on the balance sheet?

Choose 2 answers

YOUR CORRECT
ANSWER ANSWER


Ownership


Debt


Expenses


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YOUR CORRECT
ANSWER ANSWER


Revenues


Costs


8. Which term is de ned as the residual interest in the net assets of a company?
YOUR CORRECT
ANSWER ANSWER


Operating income


Liabilities


Revenues


Owners’ equity


9. 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 rm's long-term assets?
YOUR CORRECT
ANSWER ANSWER


$250 million


$350 million


$400 million


$450 million


10. Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 i
the rm is using accrual-basis accounting?
YOUR CORRECT
ANSWER ANSWER


In 2014, a company enters into a contract whereby it agrees to provide
services to a customer next year (2015).


In 2014, a company collects cash from a customer for services it will
provide next year (2015).


In 2014, a company provides services to a customer for which cash will be
collected the next year (2015).


In 2014, a company collects cash from a customer for services it provided

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