WGU C213 Object Assessment Accounting for Decision Makers 2024/ 2025 Exam |Actual Questions and Verified Answers | A Grade What does accounting focus on? - ANSWER 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? - ANSWER Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - ANSWER Employees Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? - ANSWER The Public Company Accounting Oversight Board (PCAOB) 1 / 3
What has had the most significant impact on accounting practices? - ANSWER Information technology What two items of information are revealed on the balance sheet?Choose 2 ANSWERs - ANSWER Ownership.Debt Which term is defined as the residual interest in the net assets of a company? - ANSWER 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? - ANSWER $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? - ANSWER In 2014, a company provides services to a customer for which cash will be collected the next year
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Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company? - ANSWER Cash flows from financing activities Where would an investor find a summary of a company's significant accounting policies? - ANSWER In the notes to financial statements Which assurance does an external audit report provide for its readers? - ANSWER The company's financial statements fairly reflect its financial position Reliable - ANSWER Information that can be verified Relevant - ANSWER Information having to do with the matter at hand Material - ANSWER Information that is important enough to make a difference
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