Financial Accounting > QUESTIONS & ANSWERS > WGU C213 PRE ASSESSMENT TEST QUESTIONS WITH CORRECT ANSWERS (All)

WGU C213 PRE ASSESSMENT TEST QUESTIONS WITH CORRECT ANSWERS

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What does accounting focus on Correct Answer the impact a business 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 Correct Answer statement of cash flow Which user would have a primary concern with an organizations ability to provide healthcare benefits Correct Answer Employee Which benefit does a corporation gain by following generally accepted accounting principles? Correct Answer a decrease in the amount of net income it reports Which body regulates a certified public accounting firms audit practices when the firm is auditing a large publicly traded company Correct Answer The public company accounting oversight board what has the most significant impact on accounting practices Correct Answer information technology what two items of information are revealed on the balance sheet Correct Answer Ownership, debt which term is defined as the residual interest in the net assets of a company Correct Answer owner’s equity which situation should result in revenue recognition on the income statement for the year ending 12/31/14 Correct Answer In 2014 a company enters into a contract whereby it agrees to provide services to a customer next year 2015 which category on the statement of cash flow summarizes cash receipts and payments to owners and creditors of the company Correct Answer Cash Flows from financing activities where would an investor find a summary of a company’s significant accounting policies Correct Answer in the notes to financial statements which assurance does an external audit report provide for its readers Correct Answer The company’s financial statement fairly reflects its financial position information that can be verified Correct Answer Reliable [Show More]

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