WGU C213 Accounting for Decision Makers Exam
|PA| Pre- Assessment| Actual Questions and
Answers Latest Updated (Graded A+)
Correct
Incorrect
C213 Pre- Assessment
, They must provide an assessment of the effectiveness of internal controls with each
annual report. They must support a stronger board and audit committee.
• it regulates u.s. stock exchanges
• creates a fair information environment to buy and sell stock
• companies planning to issue new debt or stock to the public must submit a
registration statement to the public for approval
• SEC can suspend trading of a companies stock
Inventory
Firms must not provide certain nonaudit services to audit clients, such as
management functions or legal services. Firms must report to and be retained
by the audit committee rather than the CFO or other company management.
Don't know?
2 of 92
Term
In January of year 1, a company began doing business as a corporation
in order to sell technology-related accessories and services. During its
first month of operations, it focused on obtaining the financing needed
to start its operations. In February of year 1, the company sold
inventory costing $25,000 for $75,000 cash.
In February of year 1, the company provided technology-related
services worth $10,000. Customers paid a total of $4,000 in cash for
these services and promised to pay the remainder the following month.
,What will be the total impact of these services provided on the
company's balance sheet other than an increase in cash of $4,000?
Choose 2 answers
Give this one a try later!
Accounts receivable will Prepaid insurance will increase
increase $6,000. Retained $6,000, And cash will decrease
earnings will increase $10,000. $6,000.
Equipment will increase $200,000, Total fixed costs will stay the same.
and cash will decrease $200,000. fixed costs per unit will decrease.
Don't know?
3 of 92
Term
Which two costs are included when calculating inventory costs?
Choose 2 answers
Give this one a try later!
Direct labor costs. Overhead
Utilities expenses. Interest payments.
costs.
, Research and development costs. Marketing expenses. Administrative
Sales commissions. salaries.
Don't know?
4 of 92
Term
Which internal control is intended to ensure that a company does not
mistakenly pay a supplier for an invoice that includes more items than
were actually received?
Give this one a try later!
The sales department verifies items The accounting department matches
before shipping to customers. invoices with purchase orders.
The inventory department
counts and inspects items as
The purchasing department approves
received and forwards the
invoices before payment.
receiving record to accounts
payable.
Don't know?
5 of 92
|PA| Pre- Assessment| Actual Questions and
Answers Latest Updated (Graded A+)
Correct
Incorrect
C213 Pre- Assessment
, They must provide an assessment of the effectiveness of internal controls with each
annual report. They must support a stronger board and audit committee.
• it regulates u.s. stock exchanges
• creates a fair information environment to buy and sell stock
• companies planning to issue new debt or stock to the public must submit a
registration statement to the public for approval
• SEC can suspend trading of a companies stock
Inventory
Firms must not provide certain nonaudit services to audit clients, such as
management functions or legal services. Firms must report to and be retained
by the audit committee rather than the CFO or other company management.
Don't know?
2 of 92
Term
In January of year 1, a company began doing business as a corporation
in order to sell technology-related accessories and services. During its
first month of operations, it focused on obtaining the financing needed
to start its operations. In February of year 1, the company sold
inventory costing $25,000 for $75,000 cash.
In February of year 1, the company provided technology-related
services worth $10,000. Customers paid a total of $4,000 in cash for
these services and promised to pay the remainder the following month.
,What will be the total impact of these services provided on the
company's balance sheet other than an increase in cash of $4,000?
Choose 2 answers
Give this one a try later!
Accounts receivable will Prepaid insurance will increase
increase $6,000. Retained $6,000, And cash will decrease
earnings will increase $10,000. $6,000.
Equipment will increase $200,000, Total fixed costs will stay the same.
and cash will decrease $200,000. fixed costs per unit will decrease.
Don't know?
3 of 92
Term
Which two costs are included when calculating inventory costs?
Choose 2 answers
Give this one a try later!
Direct labor costs. Overhead
Utilities expenses. Interest payments.
costs.
, Research and development costs. Marketing expenses. Administrative
Sales commissions. salaries.
Don't know?
4 of 92
Term
Which internal control is intended to ensure that a company does not
mistakenly pay a supplier for an invoice that includes more items than
were actually received?
Give this one a try later!
The sales department verifies items The accounting department matches
before shipping to customers. invoices with purchase orders.
The inventory department
counts and inspects items as
The purchasing department approves
received and forwards the
invoices before payment.
receiving record to accounts
payable.
Don't know?
5 of 92
