ASSESSMENT: ACCOUNTING FOR

WGU C213 Pre Assessment 2022 / PRE-

ASSESSMENT: ACCOUNTING FOR

DECISION MAKERSPVAC

written by Doctorsolutions The Marketplace to Buy and Sell your Study Material At Stuvia, you will find the best notes, summaries, flashcards & other study material. Search for your school or uni and find the study material you need.www.stuvia.com

Downloaded by: Doctorsolutions | [email protected]

Distribution of this document is illegal Want to earn $1.236 extra per year?

1.What does accounting focus on?Your Answe r Correct Answer Answer Choices The impact a business's activities have on its relationships with customers The impact a business's activities have on the environment The impact a business's activities have on its public image The impact a business's activities have on its overall financial performance 2.Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time?Your Answe r Correct Answer Answer Choices Cash receipts and disbursements sheet Cash flow schedule Summary of cash receipts Statement of cash flows 3.Which users would have a primary concern with an organization’s ability to provide healthcare benefits?Your Answe r Correct Answer Answer Choices Competitors Employees Vendors Suppliers 4.Which benefit does a corporation gain by following Generally Accepted Accounting Principles

(GAAP)?

Your Answe r Correct Answer Answer Choices A decrease in its income tax obligations A decrease in the amount of net income it reports An increase in its comparability to other companies An increase in the amount of assets it reports 5.Which body regulates a certified public accounting firm’s audit practices when the firm is auditing a large publicly traded company? Stuvia.com - The Marketplace to Buy and Sell your Study Material

Downloaded by: Doctorsolutions | [email protected]

Distribution of this document is illegal Want to earn $1.236 extra per year?

Stuvia.com - The Marketplace to Buy and Sell your Study MaterialYour Answe r Correct Answer Answer Choices The Public Company Accounting Oversight Board (PCAOB) The Financial Accounting Standards Board (FASB) Another certified public accounting (CPA) firm The Internal Revenue Service (IRS) 6.What has had the most significant impact on accounting practices?Your Answe r Correct Answer Answer Choices Certification requirements New product innovations Information technology Mobile computing 7.What two items of information are revealed on the balance sheet?Choose 2 answers

Your Answe r Correct Answer Answer Choices Ownership Debt Expenses Revenues Costs 8.Which term is defined as the residual interest in the net assets of a company?Your Answe r Correct Answer Answer Choices Operating income Liabilities Revenues Owners’ equity 9.A corporation has total liabilities of $300 million, total owners’ equity of $100 million, and current assets of $50 million.What is the value of the firm's long-term assets? Stuvia.com - The Marketplace to Buy and Sell your Study Material

Downloaded by: Doctorsolutions | [email protected]

Distribution of this document is illegal Want to earn $1.236 extra per year?

Stuvia.com - The Marketplace to Buy and Sell your Study MaterialYour Answe r Correct Answer Answer Choices $250 million $350 million $400 million $450 million 10.Which situation should result in revenue recognition on the income statement for the year ending 12/31/14 if the firm is using accrual-basis accounting?Your Answe r Correct Answer Answer Choices In 2014, a company enters into a contract whereby it agrees to provide services to a customer next year (2015).In 2014, a company collects cash from a customer for services it will provide next year (2015).In 2014, a company provides services to a customer for which cash will be collected the next year (2015).In 2014, a company collects cash from a customer for services it provided in the previous year (2013).

11.Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company?Your Answe r Correct Answer Answer Choices Cash flows from investing activities Cash flows from operating activities Cash flows from business activities Cash flows from financing activities 12.Where would an investor find a summary of a company’s significant accounting policies?Your Answe r Correct Answer Answer Choices In the balance sheet In the income statement In the statement of cash flows In the notes to financial statements 13.Which assurance does an external audit report provide for its readers?Your Answe r Correct Answer Answer Choices The company will be a good credit risk Stuvia.com - The Marketplace to Buy and Sell your Study Material

Downloaded by: Doctorsolutions | [email protected]

Distribution of this document is illegal Want to earn $1.236 extra per year?