WGU C213 Topics 1-6 Quizzes 2024(51% of Exam Competencies) with 100% Complete Solutions

WGU C213 Topics 1-6 Quizzes 2024(51% of Exam Competencies) with 100% Complete Solutions The emphasis in financial accounting is on which of the following external user groups? - Answer- Investors and creditors The primary internal group that uses accounting information is? - Answer- Management Internal reports are generally used by? - Answer- Management Which of the following is NOT an external user of financial information? - Answer- Management Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - Answer- It is a government agency Generally accepted accounting principles are? - Answer- Developed by accounting rule makers The initials GAAP stand for? - Answer- Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector is the? - Answer- Financial Accounting Standards Board (FASB) Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States? - Answer- Internal Revenue Service The organization that develops worldwide accounting standards is the? - Answer- International Accounting Standards Board (IASB) Standards established by the International Accounting Standards Board are referred to as? - Answer- International Financial Accounting Standards Which of the following is NOT a service typically provided by large public accounting firms? - Answer- Making management decisions Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? - Answer- Securities and Exchange Commission (SEC) Which of the following is NOT a reason for the integration of worldwide accounting standards? - Answer- The theoretical necessity of a common set of accounting standards The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? True or False? - Answer- True With the current state of information technology, investors outside a company are now allowed access to a company's internal database of financial information and do their own customized analysis of a firm's performance. True or False? - Answer- False While the technology may be available, companies are still not allowing outsiders access to their internal accounting records. True or False? - Answer- True Increased federal oversight of the audit process resulted from the passage of the following act of Congress - - Answer- Sarbanes-Oxley Act A borrower benefits from providing financial information regarding income and expenses in the form of a lower interest rate on the loan because of reduced uncertainty for the lender with regard to repayment. True or False? - Answer- True Which of the following is NOT one of the three primary financial statements? - Answer- The Statement of Retained Earnings One reason for a company's preparing and providing financial statements is to reduce uncertainty for an investor regarding the firm's future financial performance. True or False? - Answer- True Which of the following distinguishes between current and long-term assets? - Answer- Classified balance sheet Which of the following financial statements provides a picture of the enterprise at a particular point in time? - Answer- Balance sheet Which of the following is the reason that the accounting equation is true by definition? - Answer- Liabilities and owner's equity are the sources that fund the purchase of assets The idea that businesses must be accounted for as though they will exist at least for the forseeable future is the? - Answer- Going concern concept Revenues cause? - Answer- An increase in net assets Which of the following is an overall measure of the performance of a business entity's activities? - Answer- Net income (or net loss) The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n)? - Answer- Income Statement