C213 WGU OA Prep / Strategies Review of Key Quizzes & Correct Answers.
Quiz____?The ability a company has to pay its debts in the short run is its - Answer✓✓ Liquidity Quiz____?Which of the following is a measure of the liquid position of a corporation? - Answer✓✓ Debt ratio Quiz____?Which of the following ratios is used to measure a firm's leverage? - Answer✓✓ Debt Ratio Quiz____?Which of the following ratios is used to measure the profit earned on each dollar invested in a firm? - Answer✓✓ Return on Equity Quiz____?Page 1 of 43 1 / 4
The emphasis in financial accounting is on which of the following external user groups? - Answer✓✓ Investors and creditors Quiz____?The primary internal group that uses accounting information is - Answer✓✓ Management Quiz____?Internal reports are generally used by - Answer✓✓ Management Quiz____?Which of the following is NOT an external user of financial information? - Answer✓✓ Management Quiz____?Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)? -
Answer✓✓ It is a government agency Quiz____?Generally accepted accounting principles are - Page 2 of 43 2 / 4
Answer✓✓ Developed by accounting rule makers Quiz____?The initials GAAP stand for - Answer✓✓ Generally Accepted Accounting Principles Quiz____?The current standard-setting board for accounting in the private sector is the - Answer✓✓ Financial Accounting Standards Board (FASB) Quiz____?The organization that develops worldwide accounting standards is the - Answer✓✓ International Accounting Standards Board (IASB) Quiz____?The initials CPA stand for - Answer✓✓ Certified Public Accountant Quiz____?Which of the following is NOT a service typically provided by large public accounting firms? - Answer✓✓ Page 3 of 43 3 / 4
Making management decisions Quiz____?Standards established by the International Accounting Standards Board are referred to as - Answer✓✓ International Financial Reporting Standards Quiz____?Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States? - Answer✓✓ Internal Revenue Service Quiz____?Which of the following is NOT a reason for the integration of worldwide accounting standards? - Answer✓✓ the theoretical necessity of a common set of accounting standards Quiz____?The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? - Answer✓✓ True Quiz____?Page 4 of 43
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