WGU C213 Accounting for Decision Makers Questions and Answers | Different Versions | Professor Verified Answers

WGU C213 Accounting for Decision Makers Questions and Answers | Different Versions | Professor Verified Answers
What does accounting focus on? ------Correct Answer------The impact a business's
activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time? ------Correct Answer------
Statement of cash flows
Which users would have a primary concern with an organization's ability to provide
healthcare benefits? ------Correct Answer------Employees
Which body regulates a certified public accounting firm's audit practices when the firm is
auditing a large publicly traded company? ------Correct Answer------The Public Company
Accounting Oversight Board (PCAOB)
What has had the most significant impact on accounting practices? ------Correct
Answer------Information technology
What two items of information are revealed on the balance sheet?
Choose 2 answers ------Correct Answer------Ownership.
Debt
Which term is defined as the residual interest in the net assets of a company? ------
Correct Answer------Owners' equity
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? ------Correct Answer------$350 million
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? ------Correct Answer-
-----In 2014, a company provides services to a customer for which cash will be collected
the next year (2015).
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? ------Correct Answer------Cash flows
from financing activities
Where would an investor find a summary of a company's significant accounting
policies? ------Correct Answer------In the notes to financial statements
Which assurance does an external audit report provide for its readers? ------Correct
Answer------The company's financial statements fairly reflect its financial position
Reliable ------Correct Answer------Information that can be verified