WGU C213 OA (Latest 2026/ 2027 Update) Accounting for Decision Makers Objective Assessment Questions with Verified Answers| 100% Correct | Graded A+

WGU C213 OA (Latest 2026/ 2027 Update)
Accounting for Decision Makers Objective
Assessment Questions with Verified
Answers| 100% Correct | Graded A+
Question:
What does accounting focus on??
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Answer:

The impact a business's activities have on its overall financial performance
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Question:

Which report summarizes cash collections and cash expenditures from
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operating, investing, and financing activities over a period of time??
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Answer:
Statement of cash flows i,- i,- i,-




Question:

Which users would have a primary concern with an organization's ability
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to provide healthcare benefits??
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Answer:

,Employees




Question:

Which benefit does a corporation gain by following Generally Accepted
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Accounting Principles (GAPP)?? i,- i,-




Answer:

An increase in its compatibility to other companies
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Question:
Which body regulates a certified public accounting firm's audit practices
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when the firm is auditing a large publicly traded company??
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Answer:

The Public Company Accounting Oversight Board (PACOB)
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Question:
What has had the most significant impact on Accounting practices??
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Answer:

Information technology i,-

,Question:
What two items of information are revealed on the balance sheet??
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Answer:

Ownership and Debt i,- i,-




Question:
Which term is defined as the residual in the net assets of a company??
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Answer:

Owners equity i,-




Question:

Which situation should result in revenue recognition on the income
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statement for the year ending 12/31/14 if the firm is using accrual
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accounting??
Answer:

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




Question:

Which category on the statement of cash flows summarizes cash receipts
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and payments to owners and creditors of the company??
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, Answer:
Cash from financing activities
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Question:

Where would an investor find a summary of a company's significant
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accounting policies?? i,-




Answer:

In the notes to financial statements
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Question:
Which assurance does an external audit report provide for its readers??
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Answer:

The company's financial statements fairly reflect its financial position
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Question:

Information that can be verified? i,- i,- i,- i,-




Answer:

Reliable