7/17/25, 10:34 PM WGU C213 PA & OA Study Guide
WGU C213 PA & OA Study Guide 2025 COMPLETE C 219 PERFORMANCE
ASSESSMENT & OBJECTIVE ASSESSMENT STUDY MATERIALS.INCLUDES
DETAILED EXPLANATIONS AND REAL - WORLD HEALTHCARE DATA 100%
PASS
Terms in this set (246)
The impact a business's What does accounting focus on?
activities have on its
overall financial
performance
Which report summarizes cash collections and cash
Statement of cash flows expenditures from operating, investing, and financing
activities over a period of time?
Which users would have a primary concern with an
Employees
organization's ability to provide healthcare benefits?
An increase in its Which benefit does a corporation gain by following
compatibility to other Generally Accepted Accounting Principles (GAPP)?
companies
The Public Company Which body regulates a certified public accounting
Accounting Oversight firm's audit practices when the firm is auditing a large
Board (PACOB) publicly traded company?
What has had the most significant impact on
Information technology
Accounting practices?
What two items of information are revealed on the
Ownership and Debt
balance sheet?
Which term is defined as the residual in the net assets
Owners equity
of a company?
1/22
,7/17/25, 10:34 PM WGU C213 PA & OA Study Guide
In 2014, a company Which situation should result in revenue recognition
provides services to a on the income statement for the year ending 12/31/14
customer for which cash if the firm is using accrual accounting?
will be collected the next
year (2015).
Which category on the statement of cash flows
Cash from financing
summarizes cash receipts and payments to owners
activities
and creditors of the company?
In the notes to financial Where would an investor find a summary of a
statements company's significant accounting policies?
The company's financial Which assurance does an external audit report
statements fairly reflect its provide for its readers?
financial position
Reliable Information that can be verified
Relevant Information having to do with the matter at hand
Information that is important enough to make a
Material
difference
Information related to recognizing losses as they
Conservatism
occur
What is consistent with a continual decline in gross
Continual decrease in
profit if the firm's cost of goods sold remains the
sales
same?
Notes payable expected Which form of debt should be reported in the long-
to be paid in 18 months term liability category?
Operating expenses & Which values affect the measurement of net income?
Ordinary gains and losses
Gross profit & Which items' subtotals are included in a multi-step
Income from operations income statement?
Cash from investing What is a common category in a statement of cash
activities flows?
2/22
, 7/17/25, 10:34 PM WGU C213 PA & OA Study Guide
Cash from financing Which cash flow category would include "cash
activities received from investors"?
Cash payments for Which item is an investing activity?
purchase of plant assets
Increase in cash from What impact does the sale of equipment have on the
investing activities statement of cash flows?
The indirect method is What is known about the direct and indirect methods
more popular among of preparing statements of cash flow?
large U.S. companies
The inventory department Which internal control is intended to ensure that a
counts and inspects items company does not mistakenly pay a supplier for an
as received and forwards invoice that includes more items than were actually
the receiving record to received?
accounts payable.
Pressure to meet internal What are common reasons for managers to
sales goals & manipulate reported earnings?
Preparing to qualify for a
bank loan
Firms must not provide Which requirements must accounting firms that audit
certain non-audit services public companies meet under the Sarbanes-Oxley
to audit clients, such as Act?
management functions or
legal services. &
Firms must report to and
be retained by the audit
committee rather than the
CFO or other company
management.
They search for and Which actions do internal auditors perform to assist in
investigate fraud. maintaining the integrity of financial statements?
&
They review financial
records and internal
controls.
3/22
WGU C213 PA & OA Study Guide 2025 COMPLETE C 219 PERFORMANCE
ASSESSMENT & OBJECTIVE ASSESSMENT STUDY MATERIALS.INCLUDES
DETAILED EXPLANATIONS AND REAL - WORLD HEALTHCARE DATA 100%
PASS
Terms in this set (246)
The impact a business's What does accounting focus on?
activities have on its
overall financial
performance
Which report summarizes cash collections and cash
Statement of cash flows expenditures from operating, investing, and financing
activities over a period of time?
Which users would have a primary concern with an
Employees
organization's ability to provide healthcare benefits?
An increase in its Which benefit does a corporation gain by following
compatibility to other Generally Accepted Accounting Principles (GAPP)?
companies
The Public Company Which body regulates a certified public accounting
Accounting Oversight firm's audit practices when the firm is auditing a large
Board (PACOB) publicly traded company?
What has had the most significant impact on
Information technology
Accounting practices?
What two items of information are revealed on the
Ownership and Debt
balance sheet?
Which term is defined as the residual in the net assets
Owners equity
of a company?
1/22
,7/17/25, 10:34 PM WGU C213 PA & OA Study Guide
In 2014, a company Which situation should result in revenue recognition
provides services to a on the income statement for the year ending 12/31/14
customer for which cash if the firm is using accrual accounting?
will be collected the next
year (2015).
Which category on the statement of cash flows
Cash from financing
summarizes cash receipts and payments to owners
activities
and creditors of the company?
In the notes to financial Where would an investor find a summary of a
statements company's significant accounting policies?
The company's financial Which assurance does an external audit report
statements fairly reflect its provide for its readers?
financial position
Reliable Information that can be verified
Relevant Information having to do with the matter at hand
Information that is important enough to make a
Material
difference
Information related to recognizing losses as they
Conservatism
occur
What is consistent with a continual decline in gross
Continual decrease in
profit if the firm's cost of goods sold remains the
sales
same?
Notes payable expected Which form of debt should be reported in the long-
to be paid in 18 months term liability category?
Operating expenses & Which values affect the measurement of net income?
Ordinary gains and losses
Gross profit & Which items' subtotals are included in a multi-step
Income from operations income statement?
Cash from investing What is a common category in a statement of cash
activities flows?
2/22
, 7/17/25, 10:34 PM WGU C213 PA & OA Study Guide
Cash from financing Which cash flow category would include "cash
activities received from investors"?
Cash payments for Which item is an investing activity?
purchase of plant assets
Increase in cash from What impact does the sale of equipment have on the
investing activities statement of cash flows?
The indirect method is What is known about the direct and indirect methods
more popular among of preparing statements of cash flow?
large U.S. companies
The inventory department Which internal control is intended to ensure that a
counts and inspects items company does not mistakenly pay a supplier for an
as received and forwards invoice that includes more items than were actually
the receiving record to received?
accounts payable.
Pressure to meet internal What are common reasons for managers to
sales goals & manipulate reported earnings?
Preparing to qualify for a
bank loan
Firms must not provide Which requirements must accounting firms that audit
certain non-audit services public companies meet under the Sarbanes-Oxley
to audit clients, such as Act?
management functions or
legal services. &
Firms must report to and
be retained by the audit
committee rather than the
CFO or other company
management.
They search for and Which actions do internal auditors perform to assist in
investigate fraud. maintaining the integrity of financial statements?
&
They review financial
records and internal
controls.
3/22
