Decision Makers Exam Actual

WGU C213 Object Assessment Accounting for Decision Makers 2024/ 2025 Exam |Actual Questions and Verified Answers | A Grade What does accounting focus on?

• The impact a business's activities have on its relationships with customers.
• The impact a business's activities have on the environment.
• The impact a business's activities have on its public image.
• The impact a business's activities have on its overall financial performance. -

ANSWER D. 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?

• Cash receipts and disbursements sheet
• Cash flow schedule
• Summary of cash receipts
• Statement of cash flows - ANSWER D. Statement

of cash flows 1 / 4

Which users would have a primary concern with an organization's ability to provide health benefits?

• Competitors
• Employees
• Vendors
• Suppliers - ANSWER B. Employees

Which benefit does a corporation gain by following Generally Accepted Accounting Principles (GAAP)?

• A decrease in its income tax obligations
• A decrease in the amount of net income it reports
• An increase in its comparability to other companies
• An increase in the amount of assets it reports - ANSWER
• An increase in its comparability to other companies

Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? 2 / 4

• The Public Company Accounting Oversight Board (PCAOB)
• The Financial Accounting Standards Board (FASB)
• Another certified public accounting (CPA) firm
• The Internal Revenue Service (IRS) - ANSWER A.

The Public Company Accounting Oversight Board (PCAOB) What has had the most significant impact on accounting practices?

• Certification requirements
• New product innovations
• Information technology
• Mobile computing - ANSWER C. Information

technology What two items of information are revealed on the balance sheet?

• Ownership
• Debt
• Expenses
• Revenues
• Costs - ANSWER A. Ownership 3 / 4

• Debt

Which term is defined as the residual interest in the net assets of a company?

• Operating income
• Liabilities
• Revenues
• Owners' equity - ANSWER D. 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?

• $250 million
• $350 million
• $400 million
• $550 million - ANSWER B. $350 million
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