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WGU C201 OA / WGU C201 BUSINESS ACUMEN
OBJECTIVE ASSESSMENT FINAL EXAM
NEWEST 2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+(EVERYTHING YOU NEED TO PASS
OA EXAM)
Question: What is accounting?
ANSWER: Accounting is the process of measuring,
interpreting, and communicating financial information to enable people inside and outside the firm to make informed decisions
Question: What do accountants do?
ANSWER: Measure, interpret, and communicate the financial
results; make financial information to give to people
Question: Who uses accounting information?
ANSWER: Owners, stockholders, investors, employees, lenders,
suppliers, and government agencies
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Question: How do people inside the company use accounting
information?
ANSWER: To make informed decisions on how to run the
company; if the union people look at this, they can use it to make negotiations
Question: How do people outside the company use accounting
information?
ANSWER: To see if your company is stable so they can either
invest, buy stock, or loan you money
Question: What 3 business activities involve accounting and
explain?ANSWER: Financing activities: provide necessary funds to start a business and expand it after it begins to operate
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Investing activities: provide valuable assets required to run a
business
Operating activities: focus on selling goods and services as well
as considering expenses as important elements of sound financial management
Question: What is open book management?
ANSWER: It is sharing sensitive financial information with
employees and teaching them how to understand and use financial statements
Question: How does open book management help employees?
ANSWER: It helps them understand how their work contributes
to the company’s success
Question: How does open book management help outsiders?
ANSWER: It helps them evaluate investment opportunities
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Question: What are the drawbacks of open book management?
ANSWER: Mistrust, over-sharing, lack of understanding,
competitiveness, and more
Question: What is a public accountant?
ANSWER: A public accountant provides accounting services
like auditing, tax preparation, and consulting to individuals or business firms for a fee (for the public); anyone can go in Performs things for the public
Question: What are the three basic services a public accounting
firm provides?ANSWER: Auditing: examining financial records Tax preparation, planning, and related services Management consulting