WGU C213 Study guides, Class notes & Summaries

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 prac...

WGU C213 Accounting Exam (Latest 2023/2024) Complete Solution

WGU C213 Accounting Exam (Latest 2023/2024) Complete Solution

WGU - C213 Exam 1 with Latest Questions and Answers Cash receipts from: Sale of goods or services Sale of trading securities Interest revenue Dividend revenue ANSWER Operating activities Cash payments for: Inventory purchases Wages and salaries Taxes Interest expense Other expense (e.g. utilities, rent) Purchase of trading securities ANSWER Operating activities Cash receipts from: Sale of plant assets Sale of a business segment Sale of non-trading securities Collection of ...

WGU Accounting C213 (Chapter 4 Quiz - Part1) with Questions and Answers Operating Income is equal to - · Gross Profit plus Cost of Goods Sold · Sales less Cost of Goods Sold · Comprehensive Income plus and unrealized gains and losses not included in Net Income · Income from Continuing Operations plus Income Tax Expense and Interest Expense plus/minus other miscellaneous revenues, expenses, gains, and losses ANSWER Income from Continuing Operations plus Income Tax Expense and Interes...

WGU-C213 Chapter Seven and Eight Exam with Questions and Answers Cash Budget ANSWER An important tool in helping management plan its cash needs. This discussion briefly introduces you to budgeting cash receipts. Audit Committee ANSWER Members of a company's board of directors who are responsible for dealing with the external and internal auditors. Control Activities ANSWER Policies and procedures used by management to meet their objectives. Control Environment ANSWER The actions, po...

WGU C213 Internal Controls Exam with Questions and Answers Identify the types of problems that can occur in financial statements. ANSWER Errors, disagreement, frauds Errors ANSWER Result when unintentional mistakes are made in recording transactions, posting transactions, summarizing accounts, and so forth Disagreement ANSWER Result when different people arrive at different conclusions based on the same set of facts frauds ANSWER Result from intentional errors. Fraudulent financial r...

WGU C213 Accounting for Decision Makers - Important Terms Questions and Answers 100% Correct A statement of financial position shows the financial resources the company owns or controls and the claims on those resources. - Answer- Balance Sheet Assets = Liabilities + Equity - Answer- Accounting Equation Assets, Liabilities and Equity - Answer- Balance Sheet Contains? The portion of the balance sheet that represents the capital received from investors in exchange for stock (paid in capital...

Accounting for Decision Makers - C213 Pre-Assessment Questions with Answers Which of the following is the most correct definition of accounting? - Answer- A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? - Answer- The information relates to future time periods. Which is NOT a key component of the definition of accounting? -...

WGU C213 PA & OA Study Guide 2024 with Complete Solutions 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 benefit doe...