WGU C213 Topics 1-6 Quizzes 2022 51 of Exam

WGU C213 Topics 1-6 Quizzes 2022 (51% of Exam Competencies) 5.0 (1 review) Students also studied Terms in this set (141) Western Governors UniversityC 213 Save WGU C213 Final Exam Teacher 73 terms zhanleonPreview Pre-Assessment Exam C214 57 terms stoltzfus_natalie Preview WGU C214 Concepts Only Multi Cho...Teacher 222 terms Lydia_Smith75 Preview

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208 term Sky Practice questions for this set Learn1 / 7Study using Learn Dividing each asset item on the balance sheet by total assets The emphasis in financial accounting is on which of the following external user groups?Investors and creditors Choose an answer 1A company's asset mix is determined by? 2 The emphasis in financial accounting is on which of the following external user groups?3 Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies?4 Which of the following is NOT true of the Financial Accounting Standards Board

(FASB)?

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The primary internal group that uses accounting information is?Management Internal reports are generally used by?Management Which of the following is NOT an external user of financial information?Management Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?It is a government agency Generally accepted accounting principles are?Developed by accounting rule makers The initials GAAP stand for?Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector is the?Financial Accounting Standards Board (FASB) Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States?Internal Revenue Service The organization that develops worldwide accounting standards is the?International Accounting Standards Board (IASB) Standards established by the International Accounting Standards Board are referred to as?International Financial Accounting Standards Which of the following is NOT a service typically provided by large public accounting firms?Making management decisions Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies?Securities and Exchange Commission (SEC) Which of the following is NOT a reason for the integration of worldwide accounting standards?The theoretical necessity of a common set of accounting standards The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? True or False?True With the current state of information technology, investors outside a company are now allowed access to a company's internal database of financial information and do their own customized analysis of a firm's performance.True or False?False

While the technology may be available, companies are still not allowing outsiders access to their internal accounting records. True or False?True Increased federal oversight of the audit process resulted from the passage of the following act of Congress - Sarbanes-Oxley Act 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. True or False?True Which of the following is NOT one of the three primary financial statements?The Statement of Retained Earnings 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.True or False?True Which of the following distinguishes between current and long-term assets?Classified balance sheet Which of the following financial statements provides a picture of the enterprise at a particular point in time?Balance sheet Which of the following is the reason that the accounting equation is true by definition?Liabilities and owner's equity are the sources that fund the purchase of assets The idea that businesses must be accounted for as though they will exist at least for the forseeable future is the?Going concern concept Revenues cause?An increase in net assets Which of the following is an overall measure of the performance of a business entity's activities?Net income (or net loss) 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)?Income Statement Which of the following would be included on an income statement?Rent expense Another name for the income statement is?Statement of earnings Which of the following classification does NOT appear on the Statement of Cash Flows?Borrowing

Which of the following classifications refers to those activities whereby cash is obtained or repaid to owners and creditors?Financing Which of the following activities would NOT be classified as an investing activity?Purchase of inventory Which of the following activities would be classified as a financing activity?Repayment of a loan Vital information that CANNOT be captured solely by dollar amounts is reported in a firm's...Notes to financial statements Which of the following is NOT one of the four general types of financial statement notes?Supplementary information required by the Internal Revenue Service Which of the following is an example of a significant accounting policy that would be explained in the notes to the financial statements?The method used to estimate depreciation on a piece of equipment Which of the following is an example of a disclosure of information NOT recognized that would be explained in the notes to the financial statements?The disclosure of the uncertain, potential outcome of a lawsuit Which of the following is an example of additional information about summary totals that would be explained in the notes to the financial statements?The description of all the individual items that comprise notes payable An independent audit report is usually issued by? A certified public accountant In completing an audit of a company's financial statements, auditors...Provide some assurance that the financial statements are not misleading The accuracy of the information contained in the financial statements is the responsibility of the?Management Which of the following are the two economic factors that enable us to trust an independent auditor despite the fact that the auditor was hired by the company being audited?Reputation of auditor and risk of lawsuits The idea that certain figures on an operating statement help to explain changes in figures on comparative balance sheets is referred to as...Articulation The idea that information becomes more useful when it can be related to a benchmark or a standard is referred to as...Comparability