Wgu C213. Pre-Assessment: Accounting For Decision Makers Pvac
What does accounting focus on? * Answer-The impact a business's activities have on its overall financial performance Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? * Answer-Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? * Answer-Employees Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? * Answer-The Public Company Accounting Oversight Board (PCAOB) What has had the most significant impact on accounting practices? * Answer-Information technology What two items of information are revealed on the balance sheet? Choose 2 answers * Answer-Ownership. Debt Which term is defined as the residual interest in the net assets of a company? * Answer-Owners' equity 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 firm's long-term assets? * Answer-$350 million Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual-basis accounting? * Answer-In 2014, a company provides services to a customer for which cash will be collected the next year (2015). Which category o
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