WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
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"Other Assets" - ANSWER-Long-term assets that are not suitable for reporting under any of the previous
classifications
Accounting - ANSWER-A system of providing "quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions."
Accounting Equation - ANSWER-Assets = Liabilities + Owners' Equity
Accounts Payable - ANSWER-The flip side of accounts receivable—when one company sells on credit,
creating for itself an account receivable, the company on the other side of the transaction is buying on
credit, creating an account payable
Accounts Receivable - ANSWER-Amounts owed to a business by its credit customers and are usually
collected in cash within 10 to 60 days
Accrual Accounting - ANSWER-The process that accountants use in adjusting raw transaction data into
refined measures of a firm's economic performance
Accumulated Depreciation - ANSWER-Reflects the wear and tear, or depreciation, of these items since
they were originally purchased
Accumulated Other Comprehensive Income - ANSWER-The grouped together and reported changes
which companies experience increases and decreases in equity each year because of the movement of
market prices or exchange rates
Accumulated Other Comprehensive Income - ANSWER-The source of these increased assets
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
,WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
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Activity-based Costing (ABC) - ANSWER-A method of attributing overhead costs to products based on
measurable factors that relate to activities that create overhead costs.
Additional Paid-in Capital - ANSWER-Invested by stockholders that exceeds the par value of the issued
shares.
American Institute of Certified Public Accountants (AICPA) - ANSWER-The professional organization of
certified public accountants in the United States
Asset - ANSWER-Probable future economic benefit obtained or controlled by a particular entity as a
result of past transactions or events.
Asset Mix - ANSWER-The proportion of total assets in each asset category, is determined to a large
degree by the industry in which the company operates.
Asset Turnover - ANSWER-Sales divided by assets and is interpreted as the number of dollars in sales
generated by each dollar of assets.
Assets - ANSWER-Probable future economic benefit obtained or controlled by a particular entity as a
result of past transactions or events
Assets-to-equity Ratio - ANSWER-Assets divided by equity and is interpreted as the number of dollars of
assets acquired for each dollar invested by stockholders.
Audit Committee - ANSWER-Members of a company's board of directors who are responsible for dealing
with the external and internal auditors.
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
, WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
Average Collection Period - ANSWER-Shows the average number of days that elapse between sale and
cash collection.
Balance Sheet - ANSWER-A listing of an organization's assets and of its liabilities at a certain time
Balance Sheet - ANSWER-A statement of financial position shows the financial resources the company
owns or controls and the claims on those resources
Balance Sheet - ANSWER-Document which reports the resources of a company (the assets), the
company's obligations (the liabilities), and the owners' equity, which represents how much money has
been invested in the company by its owners
Batch-level Activities - ANSWER-Activities that take place in order to support a batch or production run,
regardless of the size of the batch
Book Value - ANSWER-measured by the amount of owners' equity, is usually less than the company's
market value
Bookkeeping - ANSWER-The preservation of a systematic, quantitative record of an activity
Break-even Point - ANSWER-The amount of sales at which total costs of the number of units sold equal
total revenues; the point at which there is no profit or loss
Capital Budgeting - ANSWER-Systematic planning for long-term investments in operating assets
Capital Lease Obligations - ANSWER-A long-term liability in the balance sheet.
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
"Other Assets" - ANSWER-Long-term assets that are not suitable for reporting under any of the previous
classifications
Accounting - ANSWER-A system of providing "quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions."
Accounting Equation - ANSWER-Assets = Liabilities + Owners' Equity
Accounts Payable - ANSWER-The flip side of accounts receivable—when one company sells on credit,
creating for itself an account receivable, the company on the other side of the transaction is buying on
credit, creating an account payable
Accounts Receivable - ANSWER-Amounts owed to a business by its credit customers and are usually
collected in cash within 10 to 60 days
Accrual Accounting - ANSWER-The process that accountants use in adjusting raw transaction data into
refined measures of a firm's economic performance
Accumulated Depreciation - ANSWER-Reflects the wear and tear, or depreciation, of these items since
they were originally purchased
Accumulated Other Comprehensive Income - ANSWER-The grouped together and reported changes
which companies experience increases and decreases in equity each year because of the movement of
market prices or exchange rates
Accumulated Other Comprehensive Income - ANSWER-The source of these increased assets
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
,WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
Activity-based Costing (ABC) - ANSWER-A method of attributing overhead costs to products based on
measurable factors that relate to activities that create overhead costs.
Additional Paid-in Capital - ANSWER-Invested by stockholders that exceeds the par value of the issued
shares.
American Institute of Certified Public Accountants (AICPA) - ANSWER-The professional organization of
certified public accountants in the United States
Asset - ANSWER-Probable future economic benefit obtained or controlled by a particular entity as a
result of past transactions or events.
Asset Mix - ANSWER-The proportion of total assets in each asset category, is determined to a large
degree by the industry in which the company operates.
Asset Turnover - ANSWER-Sales divided by assets and is interpreted as the number of dollars in sales
generated by each dollar of assets.
Assets - ANSWER-Probable future economic benefit obtained or controlled by a particular entity as a
result of past transactions or events
Assets-to-equity Ratio - ANSWER-Assets divided by equity and is interpreted as the number of dollars of
assets acquired for each dollar invested by stockholders.
Audit Committee - ANSWER-Members of a company's board of directors who are responsible for dealing
with the external and internal auditors.
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
, WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
Average Collection Period - ANSWER-Shows the average number of days that elapse between sale and
cash collection.
Balance Sheet - ANSWER-A listing of an organization's assets and of its liabilities at a certain time
Balance Sheet - ANSWER-A statement of financial position shows the financial resources the company
owns or controls and the claims on those resources
Balance Sheet - ANSWER-Document which reports the resources of a company (the assets), the
company's obligations (the liabilities), and the owners' equity, which represents how much money has
been invested in the company by its owners
Batch-level Activities - ANSWER-Activities that take place in order to support a batch or production run,
regardless of the size of the batch
Book Value - ANSWER-measured by the amount of owners' equity, is usually less than the company's
market value
Bookkeeping - ANSWER-The preservation of a systematic, quantitative record of an activity
Break-even Point - ANSWER-The amount of sales at which total costs of the number of units sold equal
total revenues; the point at which there is no profit or loss
Capital Budgeting - ANSWER-Systematic planning for long-term investments in operating assets
Capital Lease Obligations - ANSWER-A long-term liability in the balance sheet.
WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM Questions with
Verified Answers () Grade A+ Guarantee
