Economics > EXAM > WGU C213 Pre-Assessment 2022/2023 with Complete Solutions (All)

WGU C213 Pre-Assessment 2022/2023 with Complete Solutions

Document Content and Description Below

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, i... nvesting, 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 body regulates a certified public accounting firm's audit practices when the firm is auditing a large publicly traded company? - ANSWER The Public Company Accounting Oversight Board (PCAOB) What has had the most significant impact on accounting practices? - ANSWER Information technology What two items of information are revealed on the balance sheet? Choose 2 answers - ANSWER Ownership. Debt Which term is defined as the residual interest in the net assets of a company? - 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? - 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? - 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? - ANSWER Cash flows from financing activities Where would an investor find a summary of a company's significant accounting policies? - ANSWER In the notes to financial statements Which assurance does an external audit report provide for its readers? - ANSWER The company's financial statements fairly reflect its financial position Reliable - ANSWER Information that can be verified Relevant - ANSWER Information having to do with the matter at hand Material - ANSWER Information that is important enough to make a difference Conservatism - ANSWER Information related to recognizing losses as they occur What are steps in the decision cycle? - ANSWER 1 Prepare financial statements. 2 Analyze financial statements. 3 Gather information. 4 Make decision. 5 Implement decision. Partial financial information for a company is as follows: Current assets $36,543 Total assets $58,719 Current liabilities $24,824 Total liabilities $48,561 Stockholders' equity $10,158 Sales $46,997 Net Income $ 3,761 Market value of shares $41,316 What is the price-earnings (PE) ratio for this company? - ANSWER 11.0 What is consistent with a continual decline in gross profit if the firm's cost of goods sold remains the same? - ANSWER Continual decrease in sales Which two cash flow adequacy ratios represent a cash cow? - ANSWER $6,991/$5,486. $5,220/$1,875. Which formula yields a cash times interest earned ratio of 11? - ANSWER Cash before interest and taxes of $11,000 / cash paid for interest of $1,000 Which form of debt should be reported in the long-term liability category? - ANSWER Notes payable expected to be paid in 18 months In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, the following events occurred: January 1 The corporation received $1,000,000 in cash in exchange for stock issued to stockholders. January 3 The corporation borrowed $250,000 from bank. The loan is a four-year loan with an interest rate of 12 percent, payable each year on January 1 beginning in year 2. January 5 The corporation purchased equipment to be used in the business for $200,000 cash. January 8 The corporation purchased inventory costing $200,000 by paying $120,000 in cash. The remainder was put on credit accounts with suppliers. January 15 The corporation hired five employees. Each employee will be paid $1,000 at the end of each month. January 30 The corporation paid $6,000 cash for a one-year insurance policy. The policy period will begin on February 1, year 1. What will be the impact of the January 5 event on the company's balance sheet on that date? - ANSWER Equipment will increase $200,000, and cash will decrease $200,000. In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, the following events occurred: January 1 The corporation received $1,000,000 in cash in exchange for stock issued to stockholders. January 3 The corporation borrowed $250,000 from a bank. The loan is a four-year loan with an interest rate of 12 percent, payable each year on January 1 beginning in year 2. January 5 The corporation purchased equipment to be used in the business for $200,000 cash. January 8 The corporation purchased inventory costing $200,000 by paying $120,000 in cash. The remainder was put on credit accounts with suppliers. January 15 The corporation hired five employees. Each employee will be paid $1,000 at the end of each month. January 31 The corporation paid $6,000 cash for a one-year insurance policy. The policy period will begin on February 1, year 1. What will be the impact of the January 31 event on the company's balance sheet on that date? - ANSWER Prepaid insurance will increase $6,000, and cash will decrease $6,000. Which two values affect the measurement of net income? Choose 2 answers - ANSWER Ordinary gains and losses . Operating expenses Which two items' subtotals are included in a multi-step income statement? Choose 2 answers - ANSWER Gross profit. Income from operations A furniture company using accrual accounting purchased 20 sofas in November 2011. In December 2011, 8 of the 20 sofas were sold to customers. The customers all signed contracts agreeing to pay half the amount owed in February 2012 and the remaining half in March 2012. At the time of sale, the company was reasonably sure the customers would pay the amount owed. The furniture company pays its salespeople a commission on each sofa sold, with commissions for December 2011 sales paid in January 2012. The furniture company paid $3,000 for advertising that ran in the local newspaper in November 2011. In which month should advertising costs be expensed? - ANSWER November 2011 On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on this equipment, which cost $6,000. How much insurance expense should the company have recognized for the year ending in 2011? - ANSWER $4,000 In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, it focused on obtaining the financing needed to start its operations. In February of year 1, the company sold inventory costing $25,000 for $75,000 cash. In February of year 1, the company provided technology-related services worth $10,000. Customers paid a total of $4,000 in cash for these services and promised to pay the remainder the following month. What will be the total impact of these services provided on the company's balance sheet other than an increase in cash of $4,000? Choose 2 answers - ANSWER Accounts receivable will increase $6,000. Retained earnings will increase $10,000. What was the 2012 net profit amount if the 2013 pro-forma net profit of $187,000 was based on a 22% increase? - ANSWER $153,279 What is a common category in a statement of cash flows? - ANSWER Cash from investing activities Which cash flow category would include "cash received from investors"? - ANSWER Cash from financing activities Which item is an investing activity? - ANSWER Cash payments for purchase of plant assets What impact does the sale of equipment have on the statement of cash flows? - ANSWER Increase in cash from investing activities What is known about the direct and indirect methods of preparing statements of cash flow? - ANSWER The indirect method is more popular among large U.S. companies A company's statement of cash flows includes the following cash transactions: Sales 1,250,000 Inventory Purchase -750,000 Property and Equipment Purchase -270,000 Interest Payment on Long-Term Debt -25,000 Payment of Wages -315,000 Payment of Rent -40,000 Borrowing Long-Term Debt 200,000 Payment of Cash Dividends -15,000 Repurchase of Treasury Stock -40,000 Total Cash Flows -5,000 Assuming the company uses US GAAP standards, what is the total cash flow from financing activities? - ANSWER $145,000 Which two examples represent financial statement errors? [Show More]

Last updated: 1 year ago

Preview 1 out of 18 pages

Also available in bundle (1)

WGU C213.Exam pack with complete solutions

WGU C213. PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS PVAC Graded A+ WGU C213 Pre-Assessment 2022/2023 with Complete Solutions WGU C213 PRE-ASSESSMENT (Only Calc question) Latest Updated with Com...

By CATE NATALIA 1 year ago

$14

4  

Reviews( 0 )

Recommended For You

 *NURSING> EXAM > BIOD 152 MODULE 2 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) (All)

preview
BIOD 152 MODULE 2 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024)

BIOD 152 MODULE 2 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 MODULE 2 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 MODULE 2 REAL EXAM; ESSENTIAL HUM...

By HaroldFinch , Uploaded: Feb 29, 2024

$14.5

 *NURSING> EXAM > BIOD 152 MODULE 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) (All)

preview
BIOD 152 MODULE 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024)

BIOD 152 MODULE 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 MODULE 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 MODULE 1 REAL EXAM; ESSENTIAL HUM...

By HaroldFinch , Uploaded: Feb 29, 2024

$14.5

 *NURSING> EXAM > BIOD 152 LAB 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) (All)

preview
BIOD 152 LAB 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024)

BIOD 152 LAB 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 LAB 1 REAL EXAM; ESSENTIAL HUMAN ANATOMY AND PHYSIOLOGY II (2024) BIOD 152 LAB 1 REAL EXAM; ESSENTIAL HUMAN ANATOM...

By HaroldFinch , Uploaded: Feb 29, 2024

$14.5

 *NURSING> EXAM > AORN PERIOP 101 EXAM - APEA PREDICTOR EXAM WITH CORRECT QUESTIONS AND ANSWERS 2024 (All)

preview
AORN PERIOP 101 EXAM - APEA PREDICTOR EXAM WITH CORRECT QUESTIONS AND ANSWERS 2024

AORN PERIOP 101 EXAM - APEA PREDICTOR EXAM WITH CORRECT QUESTIONS AND ANSWERS 2024 AORN PERIOP 101 EXAM - APEA PREDICTOR EXAM WITH CORRECT QUESTIONS AND ANSWERS 2024 AORN PERIOP 101 EXAM - APEA P...

By HaroldFinch , Uploaded: Feb 29, 2024

$14.5

 *NURSING> EXAM > A&P 1 101 MODULE 7 EXAM 7 INTERGUMENTARY SYSTEM PORTAGE LEARNING 2024 UPDATE (All)

preview
A&P 1 101 MODULE 7 EXAM 7 INTERGUMENTARY SYSTEM PORTAGE LEARNING 2024 UPDATE

A&P 1 101 MODULE 7 EXAM 7 INTERGUMENTARY SYSTEM PORTAGE LEARNING 2024 UPDATE A&P 1 101 MODULE 7 EXAM 7 INTERGUMENTARY SYSTEM PORTAGE LEARNING 2024 UPDATE A&P 1 101 MODULE 7 EXAM 7 INTERGUMENTARY SYS...

By HaroldFinch , Uploaded: Feb 29, 2024

$14.5

 NURSING.> EXAM > ISSA FINAL REAL EXAM COMP 2021-2024 COMPLETE QUESTIONS AND VERIFIED ANSWERS LATEST (All)

preview
ISSA FINAL REAL EXAM COMP 2021-2024 COMPLETE QUESTIONS AND VERIFIED ANSWERS LATEST

ISSA FINAL REAL EXAM COMP 2021-2024 COMPLETE QUESTIONS AND VERIFIED ANSWERS LATEST ISSA FINAL REAL EXAM COMP 2021-2024 COMPLETE QUESTIONS AND VERIFIED ANSWERS LATEST ISSA FINAL REAL EXAM COMP 2021-2...

By HaroldFinch , Uploaded: Feb 29, 2024

$15

 Anatomy and Physiology - A&P 1> EXAM > Anatomy Physiology And Disease 3rd Edition Colbert Test Bank (All)

preview
Anatomy Physiology And Disease 3rd Edition Colbert Test Bank

Anatomy Physiology And Disease 3rd Edition Colbert Test BankAnatomy Physiology And Disease 3rd Edition Colbert Test BankAnatomy Physiology And Disease 3rd Edition Colbert Test BankAnatomy Physiology A...

By NurseGrade , Uploaded: Feb 25, 2024

$19

 Computer Science> EXAM > Web Development and Design Foundations with HTML5 10th Edition Morris Test Bank (All)

preview
Web Development and Design Foundations with HTML5 10th Edition Morris Test Bank

Web Development and Design Foundations with HTML5 10th Edition Morris Test BankWeb Development and Design Foundations with HTML5 10th Edition Morris Test BankWeb Development and Design Foundations wit...

By NurseGrade , Uploaded: Feb 25, 2024

$19

 Business> EXAM > Statistics for Business and Economics Revised 13th Edition Anderson Test Bank (All)

preview
Statistics for Business and Economics Revised 13th Edition Anderson Test Bank

Statistics for Business and Economics Revised 13th Edition Anderson Test Bank Statistics for Business and Economics Revised 13th Edition Anderson Test Bank Statistics for Business and Economics Revise...

By NurseGrade , Uploaded: Feb 25, 2024

$22

 Pathophysiology> EXAM > ATI PATHOPHYSIOLOGY FINAL EXAM 2024 QUESTIONS AND ANSWERS (All)

preview
ATI PATHOPHYSIOLOGY FINAL EXAM 2024 QUESTIONS AND ANSWERS

ATI PATHOPHYSIOLOGY FINAL EXAM 2024 QUESTIONS AND ANSWERS 1. Which of the following is part of the pathophysiology of emphysema that can lead to the appearance of a barrel chart? A. Peripheral ede...

By Claire symon , Uploaded: Feb 26, 2024

$16

$9.00

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

GET ASSIGNMENT HELP
47
0

Document information


Connected school, study & course



About the document


Uploaded On

Nov 21, 2022

Number of pages

18

Written in

Seller


seller-icon
CATE NATALIA

Member since 1 year

3 Documents Sold


Additional information

This document has been written for:

Uploaded

Nov 21, 2022

Downloads

 0

Views

 47

Document Keyword Tags

THE BEST STUDY GUIDES

Avoid resits and achieve higher grades with the best study guides, textbook notes, and class notes written by your fellow students

custom preview

Avoid examination resits

Your fellow students know the appropriate material to use to deliver high quality content. With this great service and assistance from fellow students, you can become well prepared and avoid having to resits exams.

custom preview

Get the best grades

Your fellow student knows the best materials to research on and use. This guarantee you the best grades in your examination. Your fellow students use high quality materials, textbooks and notes to ensure high quality

custom preview

Earn from your notes

Get paid by selling your notes and study materials to other students. Earn alot of cash and help other students in study by providing them with appropriate and high quality study materials.

WHAT STUDENTS SAY ABOUT US


What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·