WGU C213 OBJECTIVE ASSESSMENT AND PRE-ASSESSMENT
EXAM ACCOUNTING FOR DECISION MAKERS 2025 STUDY
GUIDE QUESTIONS AND ANSWERS/ VERIFIED
ANSWERS/GUARANTED PASS!!
1.Generally accepted accounting principles are
A. Natural laws
B. Based on scientific proofs
C. Developed by accounting rule makers
D. None of these are correct - answer Developed by accounting rule makers
2.The initials GAAP stand for
A General Accounting Administration Practices
B Generally Accepted Accounting Practices
C Generally Accepted Accounting Principles
D Generally Applied Accounting Procedures - answer Generally Accepted Accounting Principles
3.The current standard-setting board for accounting in the private sector is the
A Financial Accounting Standards Board (FASB)
B Securities and Exchange Commission (SEC)
C International Accounting Standards Board (IASB)
D American Accounting Association (AAA) - answer Financial Accounting Standards Board
(FASB)
4.The initials CPA stand for
,A Certified Public Auditor
B Certified Professional Accountant
C Certified Public Accountant
D Certified Professional Appraiser - answer Certified public accountant
5.Which of the following is the government agency that stipulates the rules and regulations that
govern the collection of taxes in the United States?
A Federal Accounting Standards Board
B Internal Revenue Service
C American Institute of Certified Public Accountants
D Securities and Exchange Commission - answer Internal revenue service
6.The organization that develops worldwide accounting standards is the
A International Accounting Standards Committee (IASC)
B International Accounting Standards Board (IASB)
C International Board of Accounting Standards (IBAS)
D International Committee on Accounting Standards (ICAS) - answer International Accounting
Standards Board (IASB)
7.Which of the following is NOT an external user of financial information?
A Competitors
B Management
C Customers
D Suppliers - answer Management
8.Internal reports are generally used by
,A Employees
B Lenders
C Management
D Suppliers - answer Management
9.The primary internal group that uses accounting information is
A Management
B Investors
C Competitors
D Government agencies - answer Management
10.The emphasis in financial accounting is on which of the following external user groups?
A Educators
B Management
C Certified public accountants
D Investors and creditors - answer Investors and creditors
11.Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?
A It seeks consistency for its proposed standards
B It has no legal power to enforce the standards it sets
C It is a government agency
D It consists of seven full-time members - answer It is a government agency
12.Standards established by the International Accounting Standards Board are referred to as
, A International Financial Accounting Standards
B Generally Accepted Accounting Standards
C International Auditing Standards
D International Financial Reporting Standards - answer International Financial Reporting
Standards
13.Which of the following organizations has specific legal authority to establish accounting
standards for publicly held companies?
A Internal Revenue Service (IRS)
B American Institute of Certified Public Accountants (AICPA)
C Securities and Exchange Commission (SEC)
D Financial Accounting Standards Board (FASB) - answer Securities and Exchange Commission
(SEC)
13.Which of the following is NOT a service typically provided by large public accounting firms?
A Establishing accounting systems
B Making management decisions
C Redesigning operating procedures
D Performing audits - answer Making management decisions
14.Which of the following is NOT a reason for the integration of worldwide accounting
standards?
A the theoretical necessity of a common set of accounting standards
B the need to evaluate investments across the world
C the integration of the global economy
D the increased efficiency of financial markets - answer the theoretical necessity of a common
set of accounting standards
EXAM ACCOUNTING FOR DECISION MAKERS 2025 STUDY
GUIDE QUESTIONS AND ANSWERS/ VERIFIED
ANSWERS/GUARANTED PASS!!
1.Generally accepted accounting principles are
A. Natural laws
B. Based on scientific proofs
C. Developed by accounting rule makers
D. None of these are correct - answer Developed by accounting rule makers
2.The initials GAAP stand for
A General Accounting Administration Practices
B Generally Accepted Accounting Practices
C Generally Accepted Accounting Principles
D Generally Applied Accounting Procedures - answer Generally Accepted Accounting Principles
3.The current standard-setting board for accounting in the private sector is the
A Financial Accounting Standards Board (FASB)
B Securities and Exchange Commission (SEC)
C International Accounting Standards Board (IASB)
D American Accounting Association (AAA) - answer Financial Accounting Standards Board
(FASB)
4.The initials CPA stand for
,A Certified Public Auditor
B Certified Professional Accountant
C Certified Public Accountant
D Certified Professional Appraiser - answer Certified public accountant
5.Which of the following is the government agency that stipulates the rules and regulations that
govern the collection of taxes in the United States?
A Federal Accounting Standards Board
B Internal Revenue Service
C American Institute of Certified Public Accountants
D Securities and Exchange Commission - answer Internal revenue service
6.The organization that develops worldwide accounting standards is the
A International Accounting Standards Committee (IASC)
B International Accounting Standards Board (IASB)
C International Board of Accounting Standards (IBAS)
D International Committee on Accounting Standards (ICAS) - answer International Accounting
Standards Board (IASB)
7.Which of the following is NOT an external user of financial information?
A Competitors
B Management
C Customers
D Suppliers - answer Management
8.Internal reports are generally used by
,A Employees
B Lenders
C Management
D Suppliers - answer Management
9.The primary internal group that uses accounting information is
A Management
B Investors
C Competitors
D Government agencies - answer Management
10.The emphasis in financial accounting is on which of the following external user groups?
A Educators
B Management
C Certified public accountants
D Investors and creditors - answer Investors and creditors
11.Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?
A It seeks consistency for its proposed standards
B It has no legal power to enforce the standards it sets
C It is a government agency
D It consists of seven full-time members - answer It is a government agency
12.Standards established by the International Accounting Standards Board are referred to as
, A International Financial Accounting Standards
B Generally Accepted Accounting Standards
C International Auditing Standards
D International Financial Reporting Standards - answer International Financial Reporting
Standards
13.Which of the following organizations has specific legal authority to establish accounting
standards for publicly held companies?
A Internal Revenue Service (IRS)
B American Institute of Certified Public Accountants (AICPA)
C Securities and Exchange Commission (SEC)
D Financial Accounting Standards Board (FASB) - answer Securities and Exchange Commission
(SEC)
13.Which of the following is NOT a service typically provided by large public accounting firms?
A Establishing accounting systems
B Making management decisions
C Redesigning operating procedures
D Performing audits - answer Making management decisions
14.Which of the following is NOT a reason for the integration of worldwide accounting
standards?
A the theoretical necessity of a common set of accounting standards
B the need to evaluate investments across the world
C the integration of the global economy
D the increased efficiency of financial markets - answer the theoretical necessity of a common
set of accounting standards
