WGU C213 Accounting final exam questions with correct answers

Which of the following financial statements reports a company's resources, obligations, and owner's equity?: Balance Sheet 2. Which of the following financial statements reports the excess of a company's revenues over its expenses?: Income Statement 3. Which of the following is NOT an external user of financial information?: - Management 4. The organization that develops worldwide accounting standards is the: - International Accounting Standards Board (IASB) 5. Which of the following is true of the balance sheet?: It identifies a company's assets and liabilities as of a specific date. 6. The idea that businesses must be accounted for as though they will exist at least for the foreseeable future is the: Going concern concept 7. The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n): Income Statement 8. Which of the following ratios represents an indication of investors' expectations concerning a firm's growth potential?: Price-Earnings Ratio 9. Which of the following ratios is calculated using only balance sheet numbers?: Curent Rat