WGU C213 Object Assessment Accounting for Decision Makers 2023\/ 2024 Exam |Actual Questions and Verified Answers | A Grade<\/p>\n\n\n\n
WGU C213 Object Assessment Accounting
for Decision Makers 2023\/ 2024 Exam |Actual
Questions and Verified Answers | A Grade
Q: Which of the following is NOT a reason for the integration of worldwide accounting
standards?
Answer:
the theoretical necessity of a common set of accounting standards
Q: The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices?
Answer:
True
Q: With the current state of information technology, investors outside a com- pany are now
allowed access to a company’s internal database of financial information and do their own
customized analysis of a firm’s performance.
Answer:
-False
Q: Increased federal oversight of the audit process resulted from the passage of the following
act of Congress –
Answer:
Sarbanes-Oxley Act<\/p>\n\n\n\n
Q: A borrower benefits from providing financial information regarding income and expenses in
the form of a lower interest rate on the loan because of reduced uncertainty for the lender with
regard to repayment.
Answer:
True
Q: Which of the following is NOT one of the three primary financial state- ments?
Answer:
The Statement of Retained Earnings
Q: One reason for a company’s preparing and providing financial statements is to reduce
uncertainty for an investor regarding the firm’s future financial performance.
Answer:
True
Q: Which of the following accounts is considered to be the most liquid?
Answer:
Cash
Q: Which of the following types of accounts are NOT found on the balance sheet?
Answer:
Revenues
Q: The financial statement that reports resources owned, the obligations to transfer resources to
other organizations, and the claims by the entity’s owners is known as the
Answer:
Balance sheet<\/p>\n\n\n\n
Q: The idea that the activities of the entity are to be separated from those of the individual
owner is the
Answer:
Separate entity concept
Q: The basic accounting equation is
Answer:
Assets = Liabilities + Owners’ Equity
Q: Which of the following would be included on an income statement?
Answer:
Rent expense
Q: Costs that are incurred during the normal operations of a business to generate revenues are
called
Answer:
Expenses
Q: Another name for the income statement is
Answer:
Statement of earnings
Q: Revenues cause
Answer:<\/p>\n\n\n\n
An increase in net assets
Q: The financial statement that presents a summary of the revenues and expenses of a business
for a specific period of time, such as a month or a year, is called a(n)
Answer:
Income Statement
Q: Which of the following activities would NOT be classified as an investing activity?
Answer:
Purchase of inventory
Q: A major source of cash from operating activities is
Answer:
Receipts from sale of goods
Q: Which of the following classifications refers to those activities associated with buying and
selling long-term assets?
Answer:
Investing
Q: Which of the following classifications does NOT appear on the Statement of Cash Flows?
Answer:
Borrowing
Q: Vital information that CANNOT be captured solely by dollar amounts is reported in a firm’s
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