C213 Pre-Assessment: Accounting for Decision Makers – Key Insights

WGU Student Portal 5/1/25, 6:14 PM



Help Articles


PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS
(PVAC)
Attempt #1
Status: Passed

1. What does accounting focus on?
YOUR CORRECT
ANSWER ANSWER


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


2. Which report summarizes cash collections and cash expenditures from operating, investing, and
financing activities over a period of time?
YOUR CORRECT
ANSWER ANSWER


Cash receipts and disbursements sheet


Cash flow schedule


Summary of cash receipts


Statement of cash flows




https://my.wgu.edu/coaching-report/preassessment-report/v1/studentPidm/10980624/assessmentCode/PVAC/testDate/1746025059 Page 1 of 40

,WGU Student Portal 5/1/25, 6:14 PM




3. Which users would have a primary concern with an organization’s ability to provide healthcare
benefits?
YOUR CORRECT
ANSWER ANSWER


Competitors


Employees


Vendors


Suppliers



4. Which benefit does a corporation gain by following Generally Accepted Accounting Principles
(GAAP)?
YOUR CORRECT
ANSWER ANSWER


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


5. Which body regulates a certified public accounting firm’s audit practices when the firm is auditing
a large publicly traded company?
YOUR CORRECT
ANSWER ANSWER


The Public Company Accounting Oversight Board (PCAOB)


The Financial Accounting Standards Board (FASB)


Another certified public accounting (CPA) firm


The Internal Revenue Service (IRS)




https://my.wgu.edu/coaching-report/preassessment-report/v1/studentPidm/10980624/assessmentCode/PVAC/testDate/1746025059 Page 2 of 40

,WGU Student Portal 5/1/25, 6:14 PM




6. What has had the most significant impact on accounting practices?
YOUR CORRECT
ANSWER ANSWER


Certification requirements


New product innovations


Information technology


Mobile computing


7. What two items of information are revealed on the balance sheet?

Choose 2 answers

YOUR CORRECT
ANSWER ANSWER


Ownership


Debt


Expenses


Revenues


Costs


8. Which term is defined as the residual interest in the net assets of a company?
YOUR CORRECT
ANSWER ANSWER


Operating income


Liabilities


Revenues


Owners’ equity


https://my.wgu.edu/coaching-report/preassessment-report/v1/studentPidm/10980624/assessmentCode/PVAC/testDate/1746025059 Page 3 of 40

, WGU Student Portal 5/1/25, 6:14 PM




9. A corporation has 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?
YOUR CORRECT
ANSWER ANSWER


$250 million


$350 million


$400 million


$450 million


10. 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?
YOUR CORRECT
ANSWER ANSWER


In 2014, a company enters into a contract whereby it agrees to
provide services to a customer next year (2015).


In 2014, a company collects cash from a customer for services it
will provide next year (2015).


In 2014, a company provides services to a customer for which
cash will be collected the next year (2015).


In 2014, a company collects cash from a customer for services it
provided in the previous year (2013).




https://my.wgu.edu/coaching-report/preassessment-report/v1/studentPidm/10980624/assessmentCode/PVAC/testDate/1746025059 Page 4 of 40