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WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT EXAM
QUESTIONS AND VERIFIED ANSWERS / A+ GRADE
- The financial statement that reports resources owned, the obligations
- Income statement
- Statement of retained earnings
- Balance sheet
- Statement of cash flows
to transfer resources to other organizations, and the claims by the entity's owners is known as the
ANS: c. Balance sheet
- Another name for the balance sheet is the
- Statement of cash flows
- Statement of earnings
- Statement of financial position
- Retained earnings statement
ANS: c. Statement of financial position
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- Economic resources that are owned or controlled by an enterprise are called
- Assets
- Liabilities
- Revenues
- Gains
ANS: a. Assets
- Which of the following types of accounts are NOT found on the balance sheet?
- Revenues
- Assets
- Liabilities
- Owners' equity
ANS: a. Revenues
- Which of the following is generally considered to be an asset?
- Notes payable
- Mortgage payable
- Accounts receivable
- Unearned revenue
ANS: c. Accounts receivable
- Which of the following accounts is NOT an asset account?
- Equipment
- Accounts Receivable
- Accounts Payable 2 / 4
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- Supplies
ANS: c. Accounts Payable
- Which of the following generally is NOT considered to be a liability?
- Notes payable
- Taxes payable
- Inventory
- Accounts payable
ANS: c. Inventory 3 / 4
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- An enterprise's obligations to pay cash or other economic resources to
- Liabilities
- Expenses
- Losses
- Assets
others are called
ANS: d. Assets
- Which of the following is generally considered to be a liability?
- Accounts receivable
- Capital stock
- Notes payable
- Retained earnings
ANS: c. Notes payable
- Which of the following types of accounts show how resources came into a firm?
- Liabilities
- Owners' equity
- Assets
- Both liabilities and owners' equity
ANS: d. Both liabilities and owners' equity
- A business owned by one person is called a
- Nonprofit organization
- Partnership
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