Page 1 of 47
WGU C213 PRE -ASSESSMENT EXAM NEWEST 2025
ACTUAL EXAM| COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+| C213 WGU PA EXAM 2025
(BRAND NEW!!)
What does accounting focus on? .....ANSWER..... The impact a
business's activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period
of time? .....ANSWER..... Statement of cash flows
Which users would have a primary concern with an
organization's ability to provide healthcare benefits?
.....ANSWER..... Employees
Which body regulates a certified public accounting firm's audit
practices when the firm is auditing a large publicly traded
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company? .....ANSWER..... The Public Company Accounting
Oversight Board (PCAOB)
What has had the most significant impact on accounting
practices? .....ANSWER..... Information technology
What two items of information are revealed on the balance
sheet?
Choose 2 answers .....ANSWER..... Ownership.
Debt
Which term is defined as the residual interest in the net assets of
a company? .....ANSWER..... Owners' equity
A corporation has total liabilities of $300 million, total owners'
equity of $100 million, and current assets of $50 million.
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What is the value of the firm's long-term assets? .....ANSWER.....
$350 million
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? .....ANSWER..... In 2014, a company
provides services to a customer for which cash will be collected
the next year (2015).
Which category on the statement of cash flows summarizes cash
receipts and payments to owners and creditors of the company?
.....ANSWER..... Cash flows from financing activities
Where would an investor find a summary of a company's
significant accounting policies? .....ANSWER..... In the notes to
financial statements
Which assurance does an external audit report provide for its
readers? .....ANSWER..... The company's financial statements
fairly reflect its financial position
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Reliable .....ANSWER..... Information that can be verified
Relevant .....ANSWER..... Information having to do with the matter
at hand
Material .....ANSWER..... Information that is important enough to
make a difference
Conservatism .....ANSWER..... Information related to recognizing
losses as they occur
steps in the decision cycle .....ANSWER..... 1 Prepare financial
statements.
2 Analyze financial statements.
3 Gather information.
4 Make decision.
5 Implement decision
Partial financial information for a company is as follows:
WGU C213 PRE -ASSESSMENT EXAM NEWEST 2025
ACTUAL EXAM| COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+| C213 WGU PA EXAM 2025
(BRAND NEW!!)
What does accounting focus on? .....ANSWER..... The impact a
business's activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures
from operating, investing, and financing activities over a period
of time? .....ANSWER..... Statement of cash flows
Which users would have a primary concern with an
organization's ability to provide healthcare benefits?
.....ANSWER..... Employees
Which body regulates a certified public accounting firm's audit
practices when the firm is auditing a large publicly traded
,Page 2 of 47
company? .....ANSWER..... The Public Company Accounting
Oversight Board (PCAOB)
What has had the most significant impact on accounting
practices? .....ANSWER..... Information technology
What two items of information are revealed on the balance
sheet?
Choose 2 answers .....ANSWER..... Ownership.
Debt
Which term is defined as the residual interest in the net assets of
a company? .....ANSWER..... Owners' equity
A corporation has total liabilities of $300 million, total owners'
equity of $100 million, and current assets of $50 million.
,Page 3 of 47
What is the value of the firm's long-term assets? .....ANSWER.....
$350 million
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? .....ANSWER..... In 2014, a company
provides services to a customer for which cash will be collected
the next year (2015).
Which category on the statement of cash flows summarizes cash
receipts and payments to owners and creditors of the company?
.....ANSWER..... Cash flows from financing activities
Where would an investor find a summary of a company's
significant accounting policies? .....ANSWER..... In the notes to
financial statements
Which assurance does an external audit report provide for its
readers? .....ANSWER..... The company's financial statements
fairly reflect its financial position
, Page 4 of 47
Reliable .....ANSWER..... Information that can be verified
Relevant .....ANSWER..... Information having to do with the matter
at hand
Material .....ANSWER..... Information that is important enough to
make a difference
Conservatism .....ANSWER..... Information related to recognizing
losses as they occur
steps in the decision cycle .....ANSWER..... 1 Prepare financial
statements.
2 Analyze financial statements.
3 Gather information.
4 Make decision.
5 Implement decision
Partial financial information for a company is as follows:
