WGU C213 Pre Assessment 2022
Already Passed
What does accounting focus on? ✔✔The impact a business's activities have on its overall financial
performance
Which report summarizes cash collections and cash expenditures
...
WGU C213 Pre Assessment 2022
Already Passed
What does accounting focus on? ✔✔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? ✔✔Statement of cash flows
Which users would have a primary concern with an organization's ability to provide healthcare
benefits? ✔✔Employees
Which body regulates a certified public accounting firm's audit practices when the firm is auditing
a large publicly traded company? ✔✔The Public Company Accounting Oversight Board
(PCAOB)
What has had the most significant impact on accounting practices? ✔✔Information technology
What two items of information are revealed on the balance sheet?
Choose 2 answers ✔✔Ownership.
Debt
Which term is defined as the residual interest in the net assets of a company? ✔✔Owners' equity
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? ✔✔$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? ✔✔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? ✔✔Cash flows from financing activities
Where would an investor find a summary of a company's significant accounting policies? ✔✔In
the notes to financial statements
Which assurance does an external audit report provide for its readers? ✔✔The company's financial
statements fairly reflect its financial position
Reliable ✔✔Information that can be verified
Relevant ✔✔Information having to do with the matter at hand
Material ✔✔Information that is important enough to make a difference
Conservatism ✔✔Information related to recognizing losses as they occur
What are steps in the decision cycle? ✔✔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:
Current assets $36,543
Total assets $58,719
Current liabilities $24,824
Total liabilities $48,561
Stockholders' equity $10,158
Sales $46,997
Net Income $ 3,761
Market value of shares $41,316
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