WGU C213 Pre-assessment (Accounting)
Questions with 100% Correct Answers |
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COACHING REPORT – Pre-Assessment: Accounting for Decision
Makers (PVAC)
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Attempt 1 -
Competent
Competencies and Topics
Assessment Score
Overview of Financial Statements
Mistake
COMPETENT
7.
What two items of information are revealed on the balance sheet?
Choose 2 answers
Less
YOUR CORRECT
ANSWER ANSWER
Ownership
Debt
Expenses
Revenues
Costs
Mistake
8.
Which term is defined as the residual interest in the net assets of a company?
,Less
YOUR CORRECT
ANSWER ANSWER
Operating income
Liabilities
Revenues
Owners’ equity
Correct
9.
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?
Less
YOUR CORRECT
ANSWER ANSWER
$250 million
$350 million
$400 million
$450 million
Correct
10.
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?
Less
, YOUR CORRECT
ANSWER ANSWER
In 2014, a company enters into a contract whereby it agrees to
provide services to a customer next year (2015).
In 2014, a company collects cash from a customer for services it
will provide next year (2015).
In 2014, a company provides services to a customer for which cash
will be collected the next year (2015).
In 2014, a company collects cash from a customer for services it
provided in the previous year (2013).
Correct
11.
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company?
Less
YOUR CORRECT
ANSWER ANSWER
Cash flows from investing activities
Cash flows from operating activities
Cash flows from business activities
Cash flows from financing activities
Correct
12.
Where would an investor find a summary of a company’s significant
accounting policies?
Less
YOUR CORRECT
ANSWER ANSWER
In the balance sheet
, YOUR CORRECT
ANSWER ANSWER
In the income statement
In the statement of cash flows
In the notes to financial statements
Correct
13.
Which assurance does an external audit report provide for its readers?
Less
YOUR CORRECT
ANSWER ANSWER
The company will be a good credit risk
The company will generate net income
The company’s financial statements fairly reflect its financial
position
The company will generate positive cash flows
Correct
14.
Match each accounting term with its definition.
Answer options may be used more than once or not at all.
Less
YOUR CORRECT
ANSWER ANSWER
Reliable Information that can be verified Information that can be verified
Information having to do with the Information having to do with the matter
Relevant matter at hand at hand
Material Information that is important enough to Information that is important enough to
Questions with 100% Correct Answers |
Verified | Latest Update
COACHING REPORT – Pre-Assessment: Accounting for Decision
Makers (PVAC)
Show Preview Preview mode
Attempt 1 -
Competent
Competencies and Topics
Assessment Score
Overview of Financial Statements
Mistake
COMPETENT
7.
What two items of information are revealed on the balance sheet?
Choose 2 answers
Less
YOUR CORRECT
ANSWER ANSWER
Ownership
Debt
Expenses
Revenues
Costs
Mistake
8.
Which term is defined as the residual interest in the net assets of a company?
,Less
YOUR CORRECT
ANSWER ANSWER
Operating income
Liabilities
Revenues
Owners’ equity
Correct
9.
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?
Less
YOUR CORRECT
ANSWER ANSWER
$250 million
$350 million
$400 million
$450 million
Correct
10.
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?
Less
, YOUR CORRECT
ANSWER ANSWER
In 2014, a company enters into a contract whereby it agrees to
provide services to a customer next year (2015).
In 2014, a company collects cash from a customer for services it
will provide next year (2015).
In 2014, a company provides services to a customer for which cash
will be collected the next year (2015).
In 2014, a company collects cash from a customer for services it
provided in the previous year (2013).
Correct
11.
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company?
Less
YOUR CORRECT
ANSWER ANSWER
Cash flows from investing activities
Cash flows from operating activities
Cash flows from business activities
Cash flows from financing activities
Correct
12.
Where would an investor find a summary of a company’s significant
accounting policies?
Less
YOUR CORRECT
ANSWER ANSWER
In the balance sheet
, YOUR CORRECT
ANSWER ANSWER
In the income statement
In the statement of cash flows
In the notes to financial statements
Correct
13.
Which assurance does an external audit report provide for its readers?
Less
YOUR CORRECT
ANSWER ANSWER
The company will be a good credit risk
The company will generate net income
The company’s financial statements fairly reflect its financial
position
The company will generate positive cash flows
Correct
14.
Match each accounting term with its definition.
Answer options may be used more than once or not at all.
Less
YOUR CORRECT
ANSWER ANSWER
Reliable Information that can be verified Information that can be verified
Information having to do with the Information having to do with the matter
Relevant matter at hand at hand
Material Information that is important enough to Information that is important enough to
