WGU C213 accounting quizzes UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Which of the following financial statements reports a company's resources, obligations, and
owner's equity? - CORRECT ANSWER Balance Sheet
Which of the following financial statements reports the excess of a company's revenues over its
expenses? - CORRECT ANSWER Income Statement
Which of the following is NOT an external user of financial information? - CORRECT
ANSWER Management
The organization that develops worldwide accounting standards is the - CORRECT
ANSWER International Accounting Standards Board (IASB)
Which of the following is true of the balance sheet? - CORRECT ANSWER It identifies a
company's assets and liabilities as of a specific date.
The idea that businesses must be accounted for as though they will exist at least for the
foreseeable future is the - CORRECT ANSWER Going concern concept
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) - CORRECT
ANSWER Income Statement
Which of the following ratios represents an indication of investors' expectations concerning a
firm's growth potential? - CORRECT ANSWER Price-Earnings Ratio
Which of the following ratios is calculated using only balance sheet numbers? - CORRECT
ANSWER Curent Ratio
ACTUAL Exam Questions and CORRECT
Answers
Which of the following financial statements reports a company's resources, obligations, and
owner's equity? - CORRECT ANSWER Balance Sheet
Which of the following financial statements reports the excess of a company's revenues over its
expenses? - CORRECT ANSWER Income Statement
Which of the following is NOT an external user of financial information? - CORRECT
ANSWER Management
The organization that develops worldwide accounting standards is the - CORRECT
ANSWER International Accounting Standards Board (IASB)
Which of the following is true of the balance sheet? - CORRECT ANSWER It identifies a
company's assets and liabilities as of a specific date.
The idea that businesses must be accounted for as though they will exist at least for the
foreseeable future is the - CORRECT ANSWER Going concern concept
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) - CORRECT
ANSWER Income Statement
Which of the following ratios represents an indication of investors' expectations concerning a
firm's growth potential? - CORRECT ANSWER Price-Earnings Ratio
Which of the following ratios is calculated using only balance sheet numbers? - CORRECT
ANSWER Curent Ratio
