WGU C213 OA Study Guide Material With Correct Answers

WGU C213 OA Study Guide Material With Correct Answers The director of a marathon race wants to assign the cost of having police officers along the race route to manage crowd control. Which consideration is an appropriate cost driver? The number of race participants and spectators. 3 MULTIPLE CHOICE OPTIONSWhat has had the most significant impact on accounting practices? Information technology 3 MULTIPLE CHOICE OPTIONS Which users would have a primary concern with an organization's ability to provide healthcare benefits? Employees 3 MULTIPLE CHOICE OPTIONS What does accounting focus on? The impact a business's activities on its overall financial performance. 3 MULTIPLE CHOICE OPTIONS Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? Statement of cash flows 3 MULTIPLE CHOICE OPTIONS Which benefit does a corporation gain by following Generally Accepted Accounting Principles (GAAP)? An increase in its comparability to other companies. 3 MULTIPLE CHOICE OPTIONS Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? The Public Company Accounting Oversight Board (PCAOB) 3 MULTIPLE CHOICE OPTIONSWhat two items of information are revealed on the balance sheet? Ownership and Debt 3 MULTIPLE CHOICE OPTIONS Which term is defined as the residual interest in the net assets of a company? Owners' equity 3 MULTIPLE CHOICE OPTIONS A corporation has a 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? (Liabilities +Assets) $350 Million 3 MULTIPLE CHOICE OPTIONS 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? In 2014, a company provides services to a customer for which cash will be collected the next year (2015). 3 MULTIPLE CHOICE OPTIONS Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company? Cash flows from financing activities 3 MULTIPLE CHOICE OPTIONS Where would an investor find a summary of a company's significant accounting policies?In the notes to financial statements 3 MULTIPLE CHOICE OPTIONS Reliable Information that can be verified Relevant Information having to do with the matter at hand. Material Information that is important enough to make a difference. Conservatism Information related to recognizing losses as they occur. Which assurance does an external audit report provide for its readers? The company's financial statements fairly reflect its financial position 3 MULTIPLE CHOICE OPTIONS Order the steps in the decision cycle from first to last: Prepare financial statements, analyze financial statements, gather information, make decision, and implement decision 3 MULTIPLE CHOICE OPTIONSPartial financial information for a company is as follows: Current assets $36,543