C 213 / C213 Objective Assessment (Latest Update 2025 / 2026) Accounting for Decision Makers | Questions and Answers | Grade A | 100% Correct - WGU
Question:
The profitability of each dollar in sales and turnover is the degree to which assets are used to generate sales
Answer:
Margin
NOTE: Companies with a low margin can still earn an acceptable level of
return on assets if they have a high turnover.
Question:
Current Asset
Answer:
An asset that is expected to be used within one year of the balance sheet date
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Question:
What are the most common current assets?
Answer:
Cash
Accounts receivable
Inventory
Question:
What are the primary long-term assets?
Answer:
Property
Plant
Equipment
(PPE)
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Question:
Which intangible assets are reported on the balance sheet?
Answer:
Companies report the intangibles that they have purchased from other companies but not the intangibles that they have developed themselves
Question:
Those obligations that are expected to be paid or otherwise satisfied within one year
Answer:
Current liability
Question:
What are 3 common sources of long-term debt?
Answer:
Long-term bank loans
Mortgages
Bonds
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