WGU C213 Final Exam Questions and Answers (Graded A+)

WGU C213 Final Exam Questions and Answers (Graded A+)
Question : Order of assets listed on the balance sheet
Correct answer: Assets are listed in the order of liquidity.
Liquidity is the amount of time it would usually take to covert
an asset into cash. Obviously, cash would be listed first,
followed by marketable investments (a company can quickly
convert a short-term investment into cash). Accounts
receivable would be listed next followed by inventory, and
long-term investments, fixed assets, and intangibles.
Current assets are listed before long-term assets.
Current liabilities are listed before long-term liabilities, but
there is no specific order they are listed in outside of current
and long-term.
There is also no specific order equity accounts are listed on
the balance sheet; although, typically you will see paid-incapital followed by retained earnings followed by
accumulated other comprehensive income, and lastly, treasury
stock.
Question : Difference between a manufacturing company and
a service company.
Correct answer: Period Costs Product Costs

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