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Accounting for Decision Makers - C213 Pre-Assessment Questions with Answers

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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? -...

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WGU C213 Pre-assessment (Accounting) 2024 Questions and Answers 100% Pass

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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...

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WGU C213 Topics 1-6 Quizzes 2024(51% of Exam Competencies) with 100% Complete Solutions

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WGU C213 Topics 1-6 Quizzes 2024(51% of Exam Competencies) with 100% Complete Solutions The emphasis in financial accounting is on which of the following external user groups? - Answer- Investors and creditors The primary internal group that uses accounting information is? - Answer- Management Internal reports are generally used by? - Answer- Management Which of the following is NOT an external user of financial information? - Answer- Management Which of the following is NOT true of the...

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WGU C213 Accounting for Decision Makers - Important Terms Questions and Answers 100% Correct

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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...

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C213 Test questions with 100% Correct Answers

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C213 Test questions with 100% Correct Answers Financial statement analysis - Answer- Involves relationships and trends Analyzing financial statements, prognosis is - Answer- Prediction of how a business will perform in the future External users of financial statements use financial statement analysis for - Answer- Investing decisions Purpose of financial statement analysis - Answer- Diagnosis and Prognosis Liquidity - Answer- Ability a company has to pay its debts in the short run Asset ...

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Accounting for decision makers C213 WGU Exam Questions and Answers 100% Pass

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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...

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WGU MBA Program C213 Accounting Exam Questions and Answers 100% Pass

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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...

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C213 Accounting for Decision Makers-2 WGU 2024 Questions and Answers 100% Pass

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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...

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Accounting For Decision Makers - WGU C213 - Test Prep Questions and Answers | 100% Verified

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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...

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