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WGU Accounting-for-Decision-Makers Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Accounting Fundamentals | - Financial Statements
|
| Topic 2: Managerial Accounting for Decision Making | - Budgeting and Planning
|
| Topic 3: Business Decision Support | - Relevant Costing
|
WGU Accounting for Decision Makers C213 VAC2 Sample Questions:
What is a significant role of the U.S. Securities and Exchange Commission (SEC) in financial reporting?
- A. The SEC ensures that auditors have the resources and information necessary to provide valuable professional services
- B. The SEC provides representation and training to controllers of public companies
- C. The SEC supports company management and boards of directors in the effective discharge of their responsibilities
- D. The SEC ensures that financial statement users are provided with reliable information to use in decision- making
Correct Answer: D 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?
- A. Disclosing financial statistics
- B. Providing a summary of accounting policies
- C. Providing supplementary information as needed
- D. Summarizing totals of financial statements
Correct Answer: C 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
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?
- A. $140 million
- B. $25 million
- C. $60 million
- D. $80 million
Correct Answer: A 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
What does it mean if a company has a debt ratio of 101.5%?
- A. The company has 1.5% more total liabilities than total assets
- B. The company has 1.5% more total liabilities than gross sales
- C. The company has 1.5% more current liabilities than current assets
- D. The company has 1.5% more total liabilities than net income
Correct Answer: A 🗳️
Explanation: Only visible for RealValidExam members. You can sign-up / login (it's free).
What is true regarding the use of International Financial Reporting Standards (IFRS)?
- A. IFRS are seldom used by non-U.S. companies
- B. IFRS are commonly required to be used in Asia
- C. IFRS may be used instead of generally accepted accounting principles (GAAP) by any U.S.-based corporation
- D. IFRS are required to be used by the Securities and Exchange Commission (SEC)
Correct Answer: B 🗳️
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