Western Governors University C 202
WGU C213 Accounting for Decision
Makers exam with full question and
answer 100% correct
Terms in this set (54)
What does accounting focus on? The impact a business's activities have on it's overall financial
performance
Which report summarizes cash collections Statement of cash flows
and cash expenditures from operating,
investing, and financing activities over a
period of time?
Which users would have a primary concern Employees
with an organization's ability to provide
healthcare benefits?
Which benefit does a corporation gain by An increase in its comparability to other companies
following Generally Accepted
Accounting Principals (GAAP)?
, Which body regulates a certified The FASB
public accounting firm's audit practices
when the firm is auditing a large
publicly traded
company?
What has had the most significant impact Information Technology
on accounting practices?
What two items of information are revealed Debt, Ownership
on the balance sheet?
Which term is defined as the residual Owner's equity
interest in the net assets of a company?
A corporation has total liabilities of $300 $350 million
million, total owner's equity of $100 million,
and current assets of $50 million. What is the
value of the firm's long-term assets?
Which situation should result in revenue In 2014, a company provides services to a customer for
recognition on the income statement for the which cash will be collected the next year (2015)
year ending 12/31/14 if the firm is using
accrual-basis accounting?
Which category on the statement of cash Cash flows from financing activities
flows summarizes cash receipts and
payments to owners and creditors of the
company?
Where would an investor find a summary of In the notes to the financial statements
a company's significant accounting policies?
What does it mean if a company has a debt The company has 1.5% more total liabilities that total assets
ratio of 101.5%?
Which assurances does an external audit The company's financial statements fairly reflects its financial
report provide for its readers? position
What is consistent with a continual decline Continual decrease in sales
in gross profit if the firm's cost of goods
sold remains the same?
Which formula yields a cash time interest Cash before interest and taxes of $11,000/cash paid
earned ratio of 11? for interest of $1,000
Which form of debt should be reported in Notes payable expected to be paid in 18 months
the long-term liability category?
Which two values affect the measurement of Dividend paid, operating expenses
net income?
WGU C213 Accounting for Decision
Makers exam with full question and
answer 100% correct
Terms in this set (54)
What does accounting focus on? The impact a business's activities have on it's overall financial
performance
Which report summarizes cash collections Statement of cash flows
and cash expenditures from operating,
investing, and financing activities over a
period of time?
Which users would have a primary concern Employees
with an organization's ability to provide
healthcare benefits?
Which benefit does a corporation gain by An increase in its comparability to other companies
following Generally Accepted
Accounting Principals (GAAP)?
, Which body regulates a certified The FASB
public accounting firm's audit practices
when the firm is auditing a large
publicly traded
company?
What has had the most significant impact Information Technology
on accounting practices?
What two items of information are revealed Debt, Ownership
on the balance sheet?
Which term is defined as the residual Owner's equity
interest in the net assets of a company?
A corporation has total liabilities of $300 $350 million
million, total owner's equity of $100 million,
and current assets of $50 million. What is the
value of the firm's long-term assets?
Which situation should result in revenue In 2014, a company provides services to a customer for
recognition on the income statement for the which cash will be collected the next year (2015)
year ending 12/31/14 if the firm is using
accrual-basis accounting?
Which category on the statement of cash Cash flows from financing activities
flows summarizes cash receipts and
payments to owners and creditors of the
company?
Where would an investor find a summary of In the notes to the financial statements
a company's significant accounting policies?
What does it mean if a company has a debt The company has 1.5% more total liabilities that total assets
ratio of 101.5%?
Which assurances does an external audit The company's financial statements fairly reflects its financial
report provide for its readers? position
What is consistent with a continual decline Continual decrease in sales
in gross profit if the firm's cost of goods
sold remains the same?
Which formula yields a cash time interest Cash before interest and taxes of $11,000/cash paid
earned ratio of 11? for interest of $1,000
Which form of debt should be reported in Notes payable expected to be paid in 18 months
the long-term liability category?
Which two values affect the measurement of Dividend paid, operating expenses
net income?
