Study guides, Class notes & Summaries

WGU C213 Internal Controls Exam with Questions and Answers Identify the types of problems that can occur in financial statements. ANSWER Errors, disagreement, frauds Errors ANSWER Result when unintentional mistakes are made in recording transactions, posting transactions, summarizing accounts, and so forth Disagreement ANSWER Result when different people arrive at different conclusions based on the same set of facts frauds ANSWER Result from intentional errors. Fraudulent financial r...

WGU C213 Accounting for Decision Makers - Important Terms Questions and Answers 100% Correct A statement of financial position shows the financial resources the company owns or controls and the claims on those resources. - Answer- Balance Sheet Assets = Liabilities + Equity - Answer- Accounting Equation Assets, Liabilities and Equity - Answer- Balance Sheet Contains? The portion of the balance sheet that represents the capital received from investors in exchange for stock (paid in capital...

Accounting for Decision Makers - C213 Pre-Assessment Questions with Answers Which of the following is the most correct definition of accounting? - Answer- A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? - Answer- The information relates to future time periods. Which is NOT a key component of the definition of accounting? -...

WGU C213 PA & OA Study Guide 2024 with Complete Solutions What does accounting focus on? - 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? - Answer- Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - Answer- Employees Which benefit doe...

Accounting for decision makers C213 WGU Exam Questions and Answers 100% Pass 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. - Answer- Accounting steps. Inside, Internal - Answer- Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. - Answer- True or false, managerial accounting uses BOTH managerial and financial accounting? Outside, External, includes lenders and investo...

C213 Accounting for Decision Makers-2 WGU 2024 Questions and Answers 100% Pass Understanding of a business increases as one associates the individual asset, liability, and equity accounts with the underlying business activities that give rise to them. T/F - Answer- True Assets and liabilities are generally classified as _______________ or _________ __________. - Answer- current or long term. Current Asset - Answer- one that is expected to be used within one year of the balance sheet date...

WGU MBA Program C213 Accounting Exam Questions and Answers 100% Pass Accounting - Answer- Recording of day-to-day financial activities of a company and the organization of that information into summary reports used to evaluate the companies financial status. Three primary financial statements in financial accounting - Answer- 1) The Balance Sheet 2) The Income Statement 3) The Statement of Cash Flows Balance Sheet - Answer- A financial statement that reports assets, liabilities, and ow...

Accounting For Decision Makers - WGU C213 - Test Prep Questions and Answers | 100% Verified What 2 items of information are revealed on the balance sheet? - Answer- Ownership & Debt What is defined as the residual interest in the net assets of the company? - Answer- Owners' equity What are long term assets? - Answer- The value of a company's assets minus accumulated depreciation. These are not current assets. What is the long-term asset equation? - Answer- Long-term assets = Total liab...

WGU C213 Pre-assessment (Accounting) 2024 Questions and Answers 100% Pass What does accounting focus on? - 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. - Answer- The impact a business's activities on its overall financial performance. Which report sum...

WGU C213 Missed Pre-Assessment Questions with 100% Complete Solutions Two items on a balance sheet? - Answer- ownership and debt 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? - Answer- 350 million (take out owners equity) Which category on the statement of cash flows summarizes cash receipts and payments to owners and creditors of the company? - Answer- Cash ...