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C213 2025/2026 Exam Questions and
Verified Answers | Already Graded A+
What two items of information are revealed on the balance sheet?Choose 2
answers
1. Ownership
2. Debt
3. Expenses
4. Revenues
5. Costs - 🧠 ANSWER ✔✔1. Ownership
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STATEMENT. ALL RIGHTS RESERVED
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2. Debt
Which term is defined as the residual interest in the net assets of a company?
1. Operating income
2. Liabilities
3. Revenues
4. Owners' equity - 🧠 ANSWER ✔✔4. Owners' equity
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?
A. $250 million
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STATEMENT. ALL RIGHTS RESERVED
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B. $350 million
C. $400 million
D. $450 million - 🧠 ANSWER ✔✔B. $350 million
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?
A. In 2014, a company enters into a contract whereby it agrees to provide services
to a customer next year (2015).
B. In 2014, a company collects cash from a customer for services it will provide
next year (2015).
C. In 2014, a company provides services to a customer for which cash will be
collected the next year (2015).
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
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D. In 2014, a company collects cash from a customer for services it provided in the
previous year (2013). - 🧠 ANSWER ✔✔C. In 2014, a company provides services
to a customer for which cash will be collected the next year (2015).
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company?
1. Cash flows from investing activities
2. Cash flows from operating activities
3. Cash flows from business activities
4. Cash flows from financing activities - 🧠 ANSWER ✔✔4. Cash flows from
financing activities
Where would an investor find a summary of a company's significant accounting
policies?
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
C213 2025/2026 Exam Questions and
Verified Answers | Already Graded A+
What two items of information are revealed on the balance sheet?Choose 2
answers
1. Ownership
2. Debt
3. Expenses
4. Revenues
5. Costs - 🧠 ANSWER ✔✔1. Ownership
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,2
2. Debt
Which term is defined as the residual interest in the net assets of a company?
1. Operating income
2. Liabilities
3. Revenues
4. Owners' equity - 🧠 ANSWER ✔✔4. Owners' equity
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?
A. $250 million
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
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B. $350 million
C. $400 million
D. $450 million - 🧠 ANSWER ✔✔B. $350 million
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?
A. In 2014, a company enters into a contract whereby it agrees to provide services
to a customer next year (2015).
B. In 2014, a company collects cash from a customer for services it will provide
next year (2015).
C. In 2014, a company provides services to a customer for which cash will be
collected the next year (2015).
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, 4
D. In 2014, a company collects cash from a customer for services it provided in the
previous year (2013). - 🧠 ANSWER ✔✔C. In 2014, a company provides services
to a customer for which cash will be collected the next year (2015).
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company?
1. Cash flows from investing activities
2. Cash flows from operating activities
3. Cash flows from business activities
4. Cash flows from financing activities - 🧠 ANSWER ✔✔4. Cash flows from
financing activities
Where would an investor find a summary of a company's significant accounting
policies?
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
