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WGU C213 Accounting for Decision Makers Exam
Questions and Answers
- 1. Businesses use accounting systems to ANS a. Analyze transactions.
b. Handle routine bookkeeping tasks.
c. Evaluate the performance and financial health of the business - 1. Which of the following is NOT a function of accounting? ANS a.Executing
sales transactions for organizations. - 1. Which of the following is NOT typically true of accounting information?
ANS a. The information relates to future time periods. - 1. Which of the following is NOT one of the three primary financial statements? ANS a. Statement of retained earnings.
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- 1. Which of the following financial statements reports a company’s resources, obligations, and ownership? ANS Balance sheet
- 1. Which of the following financial statements reports the excess of a
company’s revenues over its expenses? ANS a. Income statement. - 1. Which of the following financial statements reports the amount of cash
collected and paid out by a company? ANS a. Statement of cash flows. - 1. Which of the following is NOT an external user of accounting information? ANS a. Management.
- 1. 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 forfinancial accounting in theUnited States is the ANS a. Financial Accounting Standards Board (FASB).