Financial Accounting > QUESTIONS & ANSWERS > WGU C213 PA & OA STUDY GUIDE|WITH COMPLETE SOLUTIONS (All)

WGU C213 PA & OA STUDY GUIDE|WITH COMPLETE SOLUTIONS

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The impact a business's activities have on its overall financial performance Correct Answer What does accounting focus on? Statement of cash flows Correct Answer Which report summarizes cash collec... tions and cash expenditures from operating, investing, and financing activities over a period of time? Employees Correct Answer Which users would have a primary concern with an organization's ability to provide healthcare benefits? An increase in its compatibility to other companies Correct Answer Which benefit does a corporation gain by following Generally Accepted Accounting Principles (GAPP)? The Public Company Accounting Oversight Board (PACOB) Correct Answer Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? Information technology Correct Answer What has had the most significant impact on Accounting practices? Ownership and Debt Correct Answer What two items of information are revealed on the balance sheet? Owner’s equity Correct Answer Which term is defined as the residual in the net assets of a company? In 2014, a company provides services to a customer for which cash will be collected the next year (2015). Correct Answer Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual accounting? Cash from financing activities Correct Answer Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company? In the notes to financial statements Correct Answer Where would an investor find a summary of a company's significant accounting policies? The company's financial statements fairly reflect its financial position Correct Answer Which assurance does an external audit report provide for its readers? Reliable Correct Answer Information that can be verified [Show More]

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