C213 Accounting Fast Track: WGU Assessment Prep - PDF

🎙️ Podcast Title:​ "C213 Accounting Fast Track: Your WGU Assessment Prep" 🎧 Episode Structure: 1. Opening (1 minute) — "Why This Matters" 🎙️ "If you're about to take the C213 Accounting assessment at WGU, this is the episode you need. In the next 20 minutes, we’ll break down the core to...

🎙️ Podcast Title:​ "C213 Accounting Fast Track: Your WGU Assessment Prep" 🎧 Episode Structure: 1. Opening (1 minute) — "Why This Matters" 🎙️ "If you're about to take the C213 Accounting assessment at WGU, this is the episode you need. In the next 20 minutes, we’ll break down the core topics, formulas, and strategies you’ll need to crush the exam — in a way that’s fast, clear, and easy to remember." 2. Segment 1: The 3 Big Ideas of Accounting (3 minutes) Key Ideas to Hammer In: ​ Accounting = Language of Business. It tells the story through numbers.​ ​ Financial Statements are the major players:​ ○​ Balance Sheet: Snapshot at a point in time (what you own vs owe).​ ○​ Income Statement: Performance over time (revenue - expenses = profit).​ ○​ Statement of Cash Flows: Shows cash movement (operations, investing, financing).​ 🧠 Mini Memory Tip:​ "Balance is what you have, Income is what you did, Cash Flow is how you survived." 3. Segment 2: Must-Know Formulas and Ratios (6 minutes) 🎙️ "Now let’s tattoo these formulas into your brain." Break-Even Formula:  ​ Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)​ Basic Accounting Equation: ​ Assets = Liabilities + Equity​ Important Ratios: ​ Current Ratio:​ Current Assets ÷ Current Liabilities​ (Measures liquidity — can you pay bills soon?)​ ​ Debt-to-Equity Ratio:​ Total Liabilities ÷ Total Equity​ (Measures financial leverage — how much debt you’re using.)​ ​ Gross Profit Margin:​ (Revenue - Cost of Goods Sold) ÷ Revenue​ ​ Return on Equity (ROE):​ Net Income ÷ Average Equity​ (How well are you using investors’ money to make profits?)​ 🧠 Memory Tip:​ "Liquidity = Short-term survival. Leverage = How risky you are." 4. Segment 3: Key Topics That Always Show Up (6 minutes) Revenue Recognition: ​ Recognize revenue when earned (not when cash is received).​ Matching Principle: ​ Match expenses to the revenue they helped generate.​ Accrual vs Cash Accounting:  ​ Accrual: Record revenue/expenses when earned/incurred.​ ​ Cash Basis: Record when cash moves.​ Inventory Methods: ​ FIFO: First-In, First-Out (older costs first).​ ​ LIFO: Last-In, First-Out (newer costs first).​ ​ Weighted Average: Smooths out cost fluctuations.​ Depreciation Basics: ​ Straight-Line:​ (Cost - Salvage Value) ÷ Useful Life​ 🧠 Quick Tip:​ Straight-line = same expense every year. Think boring, predictable. 5. Segment 4: How to Attack the Test (3 minutes) 🎯 Strategy Checklist: ​ Read the last sentence of the question first (know what you’re solving for).​ ​ Flag anything you are unsure of — don’t get stuck.​ ​ Eliminate wrong answers aggressively (even if you have to guess smart).​ ​ Watch out for tricky timing words like “at end of period,” “during the month,” “on the balance sheet.”​ 🧠 Mindset Tip:​ It’s not about perfection. It’s about passing. 6. Closing Pep Talk (1 minute) 🎙️ "You’ve got this. C213 isn’t about memorizing everything. It’s about understanding the flow of business through numbers. Trust what you know, stay calm, and solve one question at a time. Now go get that pass!" 🚀 Quick Cheatsheet (Bonus to Print or Memorize) Concept Key Balance Sheet What you have (Assets = Liabilities + Equity) Income Statement Revenue - Expenses = Net Income Cash Flow Operations, Investing, Financing Break Even Fixed Costs ÷ (Price - Variable Costs) Depreciation (Cost - Salvage) ÷ Life Current Ratio Current Assets ÷ Current Liabilities ROE Net Income ÷ Average Equity FIFO Old stuff out first LIFO New stuff out first Accrual Accounting Record when earned/incurred 🚀 Would you like me to also create a shorter "rapid-fire review" version (like a 5-minute cram 🎧 session you could listen to before the test)? ​ Would be awesome for last-minute nerves!