{"id":119782,"date":"2023-09-14T22:34:06","date_gmt":"2023-09-14T22:34:06","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=119782"},"modified":"2023-09-14T22:34:07","modified_gmt":"2023-09-14T22:34:07","slug":"wgu-c213-pa-oa-study-guide-2022-2023-verified-answers-2","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/09\/14\/wgu-c213-pa-oa-study-guide-2022-2023-verified-answers-2\/","title":{"rendered":"WGU C213 PA & OA Study Guide 2022\/2023 Verified Answers"},"content":{"rendered":"\n
    \n
  1. Which of the following is the most correct definition of
    accounting(answer) A system for providing quantitative information, primarily
    financial in nature, about economic entities that is intended to be useful in
    making economic decisions<\/li>\n\n\n\n
  2. What is NOT typically true of accounting information(answer) The
    information relates to future time periods.<\/li>\n\n\n\n
  3. Which is NOT a key component of the definition of accounting(answer)
    Qualitative<\/li>\n\n\n\n
  4. What is true about the double-entry system of bookkeeping(answer) It
    was devel- oped in the 1300s 1400s in Italy.<\/li>\n\n\n\n
  5. Businesses use accounting systems to: Analyze transactions; Handle rou\u0002tine bookkeeping tasks; Evaluate performance and health of the business.<\/li>\n\n\n\n
  6. What is not a function of accounting(answer) Executing sales
    transactions for organizations<\/li>\n\n\n\n
  7. What is NOT one of the three primary financial statements(answer)
    Statement of retained earnings<\/li>\n\n\n\n
  8. Generally accepted accounting principles are: Developed by accounting rule
    makers
    <\/li>\n\n\n\n
  9. The initials GAAP stand for: Generally Accepted Accounting Principles<\/li>\n\n\n\n
  10. The current standard-setting board for accounting in the private sector
    is the: Financial Accounting Standards Board (FASB)<\/li>\n\n\n\n
  11. Which of the following organizations has specific legal authority to es\u0002tablish accounting standards for publicly held companies(answer)
    Securities and Exchange Commission (SEC)<\/li>\n\n\n\n
  12. Which is NOT a service typically provided by large public accounting
    firms(answer) Making management decisions<\/li>\n\n\n\n
  13. The organization that develops worldwide accounting standards is the: –
    International Accounting Standards Board (IASB)<\/li>\n\n\n\n
  14. The initials CPA stand for: Certified Public Accountant<\/li>\n\n\n\n
  15. Which of the following financial statements reports a company’s re\u0002sources, obligations, and owner’s equity(answer) Balance sheet<\/li>\n\n\n\n
  16. Which of the following financial statements reports the excess of a
    company’s revenues over its expenses(answer) Income statement<\/li>\n\n\n\n
  17. Which of the following financial statements reports the amount of cash
    collected and paid out by a company(answer) Statement of cash flows<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-119782","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=119782"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/119782\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=119782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=119782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=119782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}