Social Science Business Business Management
WGU C213 | WGU C213 PRE ASSESSMENT ACOUNTING
ACTUAL EXAM QUESTIONS AND WELL ELABORATED
ANSWERS TOP RATED VERSION FOR ALREADY A
GRADED WITH EXPERT FEEDBACK | NEW AND REVISED
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CIS105 - Midterm Exam (Arizona Sta... GCP-GC-REP Salesforce Admin
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What does accounting focus The impact a business's activities on its overall financial
on? performance.
- The impact a business's
activities have on its
relationships with customers
- The impact a business's
activities have on the
environment.
- The impact a business's
activities have on its public
image.
- The impact a business's
activities have on its overall
financial performance.
Which report summarizes cash Statement of cash flows
collections and cash
expenditures from operating,
investing, and financing activities
over a period of time?
- Cash receipts and
disbursements sheet
- Cash flow schedule
- Summary of cash receipts
- Statement of cash flows
,Which users would have a Employees
primary concern with an
organization's ability to provide
healthcare benefits?
- Competitors
- Employees
- Vendors
- Suppliers
Which benefit does a An increase in its comparability to other companies.
corporation gain by following
Generally Accepted Accounting
Principles (GAAP)?
- A decrease in its income tax
obligations
- A decrease in the amount of
net income it reports
- An increase in its comparability
to other companies
- An increase in the amount of
assets it reports
See an expert-written answer!
Which body regulates a certified The Public Company Accounting Oversight Board (PCAOB)
public accounting firm's audit
practices when the firm is
auditing a large publicly traded
company?
- The Public Company
Accounting Oversight Board
(PCAOB)
- The Financial Accounting
Standards Board (FASB)
- Another certified public
accounting firm (CPA)
- The Internal Revenue Service
(IRS)
What has had the most Information technology
significant impact on accounting
practices?
What two items of information Ownership and Debt
are revealed on the balance
sheet?
Which term is defined as the Owners' equity
residual interest in the net assets
of a company?
A corporation has a total $350 Million. Combine the liabilities with assets.
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?
, Which situation should result in In 2014, a company provides services to a customer for which
revenue recognition on the cash will be collected the next year (2015).
income statement for the year
ending 12/31/14 if the firm is
using accrual-basis accounting?
Which category on the Cash flows from financing activities
statement of cash flows
summarizes cash receipts and
payments to owners and
creditors of the company?
Where would an investor find a In the notes to financial statements
summary of a company's
significant accounting policies?
See an expert-written answer!
Which assurance does an The company's financial statements fairly reflect its financial
external audit report provide for position
its readers?
- The company will be a good
credit risk
- The company will generate net
income.
- The company's financial
statements fairly reflect its
financial position.
- The company will generate
positive cash flows
Order the steps in the decision Prepare financial statements, analyze financial statements, gather
cycle from first to last: Gather information, make decision, and implement decision
information, prepare financial
statements, analyze financial
statements, make decision, and
implement decision.
Partial financial information for a 11.0 Market value of shares/net income
company is as follows:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales$46,997
Net Income $3,761
Market value of shares $41,316
What is the price-earnings (PE)
ratio for this company?
What does it mean if a company The company has 1.5% more total liabilities than total assets.
has a debt ratio of 101.5%?
WGU C213 | WGU C213 PRE ASSESSMENT ACOUNTING
ACTUAL EXAM QUESTIONS AND WELL ELABORATED
ANSWERS TOP RATED VERSION FOR ALREADY A
GRADED WITH EXPERT FEEDBACK | NEW AND REVISED
Save
Students also studied
Flashcard sets Study guides
CIS105 - Midterm Exam (Arizona Sta... GCP-GC-REP Salesforce Admin
20 terms 35 terms Teacher 129 terms
quizlette53336876 Preview E_Watuka Preview collinsraz83
What does accounting focus The impact a business's activities on its overall financial
on? performance.
- The impact a business's
activities have on its
relationships with customers
- The impact a business's
activities have on the
environment.
- The impact a business's
activities have on its public
image.
- The impact a business's
activities have on its overall
financial performance.
Which report summarizes cash Statement of cash flows
collections and cash
expenditures from operating,
investing, and financing activities
over a period of time?
- Cash receipts and
disbursements sheet
- Cash flow schedule
- Summary of cash receipts
- Statement of cash flows
,Which users would have a Employees
primary concern with an
organization's ability to provide
healthcare benefits?
- Competitors
- Employees
- Vendors
- Suppliers
Which benefit does a An increase in its comparability to other companies.
corporation gain by following
Generally Accepted Accounting
Principles (GAAP)?
- A decrease in its income tax
obligations
- A decrease in the amount of
net income it reports
- An increase in its comparability
to other companies
- An increase in the amount of
assets it reports
See an expert-written answer!
Which body regulates a certified The Public Company Accounting Oversight Board (PCAOB)
public accounting firm's audit
practices when the firm is
auditing a large publicly traded
company?
- The Public Company
Accounting Oversight Board
(PCAOB)
- The Financial Accounting
Standards Board (FASB)
- Another certified public
accounting firm (CPA)
- The Internal Revenue Service
(IRS)
What has had the most Information technology
significant impact on accounting
practices?
What two items of information Ownership and Debt
are revealed on the balance
sheet?
Which term is defined as the Owners' equity
residual interest in the net assets
of a company?
A corporation has a total $350 Million. Combine the liabilities with assets.
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?
, Which situation should result in In 2014, a company provides services to a customer for which
revenue recognition on the cash will be collected the next year (2015).
income statement for the year
ending 12/31/14 if the firm is
using accrual-basis accounting?
Which category on the Cash flows from financing activities
statement of cash flows
summarizes cash receipts and
payments to owners and
creditors of the company?
Where would an investor find a In the notes to financial statements
summary of a company's
significant accounting policies?
See an expert-written answer!
Which assurance does an The company's financial statements fairly reflect its financial
external audit report provide for position
its readers?
- The company will be a good
credit risk
- The company will generate net
income.
- The company's financial
statements fairly reflect its
financial position.
- The company will generate
positive cash flows
Order the steps in the decision Prepare financial statements, analyze financial statements, gather
cycle from first to last: Gather information, make decision, and implement decision
information, prepare financial
statements, analyze financial
statements, make decision, and
implement decision.
Partial financial information for a 11.0 Market value of shares/net income
company is as follows:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales$46,997
Net Income $3,761
Market value of shares $41,316
What is the price-earnings (PE)
ratio for this company?
What does it mean if a company The company has 1.5% more total liabilities than total assets.
has a debt ratio of 101.5%?
