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C213 Pre Assessment_Accounting for Decision Makers Insights | Actual Latest 2026 Test | Verified Solutions
PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS
(PVAC)
Attempt #1
Status: Passed
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
benets?
YOUR CORRECT
ANSWER ANSWER
Competitors
Employees
Vendors
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YOUR CORRECT
ANSWER ANSWER
Suppliers
4. Which benet does a corporation gain by following Generally Accepted Accounting Principles
(GAAP)?
YOUR CORRECT
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 certied 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 certied public accounting (CPA) rm
The Internal Revenue Service (IRS)
6. What has had the most signicant impact on accounting practices?
YOUR CORRECT
ANSWER ANSWER
Certication requirements
New product innovations
Information technology
Mobile computing
7. What two items of information are revealed on the balance sheet?
Choose 2 answers
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YOUR CORRECT
ANSWER ANSWER
Ownership
Debt
Expenses
Revenues
Costs
8. Which term is dened 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 if the rm is using accrual-basis accounting?
YOUR CORRECT
ANSWER ANSWER
In 2014, a company enters into a contract whereby it agrees to
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Help Articles
C213 Pre Assessment_Accounting for Decision Makers Insights | Actual Latest 2026 Test | Verified Solutions
PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS
(PVAC)
Attempt #1
Status: Passed
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
benets?
YOUR CORRECT
ANSWER ANSWER
Competitors
Employees
Vendors
Accessibility Policy Accessibility Settings
1/28
,7/21/24, 10:42 AM WGU Student Portal
YOUR CORRECT
ANSWER ANSWER
Suppliers
4. Which benet does a corporation gain by following Generally Accepted Accounting Principles
(GAAP)?
YOUR CORRECT
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 certied 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 certied public accounting (CPA) rm
The Internal Revenue Service (IRS)
6. What has had the most signicant impact on accounting practices?
YOUR CORRECT
ANSWER ANSWER
Certication requirements
New product innovations
Information technology
Mobile computing
7. What two items of information are revealed on the balance sheet?
Choose 2 answers
Accessibility Policy Accessibility Settings
2/28
, 7/21/24, 10:42 AM WGU Student Portal
YOUR CORRECT
ANSWER ANSWER
Ownership
Debt
Expenses
Revenues
Costs
8. Which term is dened 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 if the rm is using accrual-basis accounting?
YOUR CORRECT
ANSWER ANSWER
In 2014, a company enters into a contract whereby it agrees to
Accessibility Policy Accessibility Settings
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