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c213 pre assessment Questions with Answers (100% Correct
Answers)
What does accounting focus on —ANS: the impact a business activities have on its
overall financial performance
which report summarizes cash collections and caash expenditures from operating
investing and financing activities over a period of time —ANS: statement of cashflow
Which user would have a primary concern with an organizations ability to provide
healthcare benefits —ANS: Employee
Which benefit does a corporation gain by following generally accepted accounting
principles? —ANS: a decrease in the amount of net income it reports
Which body regulates a certified public accounting firms audit practices when the firm
is auditing a large publicly traded company —ANS: The public company accounting
oversight board
© 2025 All rights reserved
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what has the most significant impact on accounting pracftices —ANS: information
technology
what two items of information are revealed on the balance sheet —ANS: Ownership,
debt
which term is defined as the residual interest in the net assets of a company —ANS:
owners equity
which situation should result in revenue recognition on the income statement for the
year ending 12/31/14 —ANS: In 2014 a company enters into a contract where by it
agrees to provide services to a customer next year 2015
which category on the statement of cash flow summarizes cash reciepts and payments
to owners and creditors of the company —ANS: Cash Flows from financing activities
where would an investor find a summary of a companys significant accounting policies
—ANS: in the notes to financial statements
which assurance does an external audit report provide for its readers —ANS: The
companys financial statement farily reflects its finanical postion
information that can be verified —ANS: Reliable
© 2025 All rights reserved
c213 pre assessment Questions with Answers (100% Correct
Answers)
What does accounting focus on —ANS: the impact a business activities have on its
overall financial performance
which report summarizes cash collections and caash expenditures from operating
investing and financing activities over a period of time —ANS: statement of cashflow
Which user would have a primary concern with an organizations ability to provide
healthcare benefits —ANS: Employee
Which benefit does a corporation gain by following generally accepted accounting
principles? —ANS: a decrease in the amount of net income it reports
Which body regulates a certified public accounting firms audit practices when the firm
is auditing a large publicly traded company —ANS: The public company accounting
oversight board
© 2025 All rights reserved
, 2
what has the most significant impact on accounting pracftices —ANS: information
technology
what two items of information are revealed on the balance sheet —ANS: Ownership,
debt
which term is defined as the residual interest in the net assets of a company —ANS:
owners equity
which situation should result in revenue recognition on the income statement for the
year ending 12/31/14 —ANS: In 2014 a company enters into a contract where by it
agrees to provide services to a customer next year 2015
which category on the statement of cash flow summarizes cash reciepts and payments
to owners and creditors of the company —ANS: Cash Flows from financing activities
where would an investor find a summary of a companys significant accounting policies
—ANS: in the notes to financial statements
which assurance does an external audit report provide for its readers —ANS: The
companys financial statement farily reflects its finanical postion
information that can be verified —ANS: Reliable
© 2025 All rights reserved
