WGU C213. PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS PVAC

1. What does accounting focus on? O The impact a business's activities have on its public image O The impact a business's activities have on its relationship with customers O The impact a business's activities have on the environment O The impact a business's activities have on its overall financial performance - Answer- O The impact a business's activities have on its overall financial performance 2. Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? O Statement of Cash Flows O Cash flow schedule O Summary of cash receipts O Cash receipts and disbursements - Answer- O Statement of Cash Flows 3. Which users would have a primary concern with an organization's ability to provide healthcare benefits? O Suppliers O Employees O Vendors O Competitors - Answer- O Employees 4. Which benefit does a corporation gain by following Generally Accepted Accounting Principals (GAAP)? O An increase in the amount of assets it reports O A decrease in its income tax obligations O A decrease in the amount of net income it reports O An increase in its comparability to other companies - Answer- O An increase in its comparability to other companies 5. Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? O Another certified accounting firm (CPA) O The Public Company Accounting Oversight Board (PCAOB) O The internal revenue service (IRS) O The financial accounting standards board (FASB) - Answer- O The Public Company Accounting Oversight Board (PCAOB)