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Guide for Accounting-for-Decision-Makers: WGU Accounting for Decision Makers C213 VAC2

Quiz Accounting-for-Decision-Makers: WGU Accounting for Decision Makers C213 VAC2

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/ 10

Quiz

1/10
Which events represent financial information recorded in the accounting system of a business?
Select the answer
1 correct answer
A.
Business events that are likely to occur in the future
B.
Business events that have already occurred
C.
Personal events of each business owner that are likely to occur in the future
D.
Personal events of each business owner during a year

Quiz

2/10
Which information does a balance sheet provide about a company?
Select the answer
1 correct answer
A.
Revenues and expenses for a period of time
B.
Cash collections and cash expenditures at a specific point in time
C.
Assets and liabilities for a specific point in time
D.
Cash collections and cash expenditures for a period of time

Quiz

3/10
Which user group of financial statements evaluates the ability to repay loans?
Select the answer
1 correct answer
A.
Management
B.
Investors
C.
Lenders
D.
Suppliers

Quiz

4/10
Which organization establishes rules U.S. companies use to record and report accounting
transactions?
Select the answer
1 correct answer
A.
Accounting Principles Board
B.
Securities and Exchange Commission
C.
Financial Accounting Standards Board
D.
Internal Revenue Service

Quiz

5/10
Which body regulates a certified public accounting firm’s audit practices when the firm is auditing a
large, publicly traded company?
Select the answer
1 correct answer
A.
The Financial Accounting Standards Board (FASB)
B.
The Financial Accounting Standards Advisory Council (FASAC)
C.
The Internal Revenue Service (IRS)
D.
The Public Company Accounting Oversight Board (PCAOB)

Quiz

6/10
What is true regarding the use of International Financial Reporting Standards (IFRS)?
Select the answer
1 correct answer
A.
IFRS may be used instead of generally accepted accounting principles (GAAP) by any U.S.-based corporation
B.
IFRS are seldom used by non-U.S. companies
C.
IFRS are commonly required to be used in Asia
D.
IFRS are required to be used by the Securities and Exchange Commission (SEC)

Quiz

7/10
Which act was implemented as a result of the corporate scandals at companies such as Enron and
WorldCom?
Select the answer
1 correct answer
A.
Corporate Accountability Act
B.
Securities Exchange Act
C.
Auditing Accountability Act
D.
Sarbanes-Oxley Act

Quiz

8/10
Which financial statement is used to determine a company’s income and expenses for a specific
period?
Select the answer
1 correct answer
A.
Balance sheet
B.
Statement of retained earnings
C.
Statement of cash flows
D.
Income statement

Quiz

9/10
Which balance sheet category reflects what a company owns that can be turned into cash or used to
generate cash?
Select the answer
1 correct answer
A.
Assets
B.
Liabilities
C.
Revenues
D.
Owners’ equity

Quiz

10/10
A corporation has liabilities and owners’ equity of $100 million and $40 million respectively. What is
the amount of the asset balance in this case?
Select the answer
1 correct answer
A.
$25 million
B.
$80 million
C.
$60 million
D.
$140 million
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  • Quiz name:Accounting-for-Decision-Makers: WGU Accounting for Decision Makers C213 VAC2
  • Total number of questions:69
  • Number of questions for the test:50
  • Pass score:80%

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