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WGU C213 Accounting for Decision Makers Exam Questions and Answers
- Businesses use accounting systems to ANS a. Analyze transactions.
- Handle routine bookkeeping tasks.
- Evaluate the performance and financial health of the business
- Which of the following is NOT a function of accounting? ANS a. Executing
sales transactions for organizations.
- Which of the following is NOT typically true of accounting information?
ANS a. The information relates to future time periods.
- Which of the following is NOT one of the three primary financial state-
ments? ANS a. Statement of retained earnings. 1 / 2
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- Which of the following financial statements reports a company's re-
sources, obligations, and ownership? ANS Balance sheet
- Which of the following financial statements reports the excess of a
company's revenues over its expenses? ANS a. Income statement.
- Which of the following financial statements reports the amount of cash
collected and paid out by a company? ANS a. Statement of cash flows.
- Which of the following is NOT an external user of accounting informa-
tion? ANS a. Management.
- The emphasis in financial accounting is to provide financial information
to which of the following user groups? ANS a. Investors and creditors.
- 1. The current standard setting organization for financial accounting in the
United States is the ANS a. Financial Accounting Standards Board (FASB).
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