WGU C213 Pre Assessment 2022 Review/ Actual Questions & Verified Answers, A+ Score Solutions.
Quiz____?What does accounting focus on? - Answer✓✓ The impact a business's activities have on its overall financial performance Quiz____?Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? - Answer✓✓ Statement of cash flows Quiz____?Which users would have a primary concern with an organization's ability to provide healthcare benefits? - Answer✓✓ Employees Quiz____?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) Page 1 of 31 1 / 4
Quiz____?What has had the most significant impact on accounting practices? - Answer✓✓ Information technology Quiz____?What two items of information are revealed on the balance sheet?Choose 2 answers - Answer✓✓ Ownership.Debt Quiz____?Which term is defined as the residual interest in the net assets of a company? - Answer✓✓ Owners' equity Quiz____?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 Page 2 of 31 2 / 4
Quiz____?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 (2015).Quiz____?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 Quiz____?Where would an investor find a summary of a company's significant accounting policies? - Answer✓✓ In the notes to financial statements Quiz____?Which assurance does an external audit report provide for its readers? - Answer✓✓ The company's financial statements fairly reflect its financial position Quiz____?Reliable - Answer✓✓ Information that can be verified Page 3 of 31 3 / 4
Quiz____?Relevant - Answer✓✓ Information having to do with the matter at hand Quiz____?Material - Answer✓✓ Information that is important enough to make a difference Quiz____?Conservatism - Answer✓✓ Information related to recognizing losses as they occur Quiz____?What are steps in the decision cycle? - Answer✓✓
- Prepare financial statements.
- Analyze financial statements.
- Gather information.
- Make decision.
- Implement decision.
Quiz____?
Partial financial information for a company is as follows:
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