Accounting for Decision Makers – C213
(Topics 1–6) | Financial Accounting,
GAAP & Cash Flows Verified Questions
and Well Detailed Answers|| LATEST
UPDATE 2026
Accounting -CORRECTANSWER the recording of the day-to-day financial activities of a
company and the organization of that information into summary reports used to evaluate
the company's financial status
Bookkeeping -CORRECTANSWER the preservation of a systematic, quantitative record
of an activity
accounting system -CORRECTANSWER used by a business to handle routine
bookkeeping tasks and to structure the information so it can be used to evaluate the
performance and financial status of the business
Accounting information -CORRECTANSWER Info that is intended to be useful in
making decisions about the future.
The balance sheet, the income statement, and the statement of cashflows -
CORRECTANSWER What are the three primary financial statements?
, External Users -CORRECTANSWER Who is financial accounting information primarily
prepared for and used by?
Managerial Accounting -CORRECTANSWER the name given to accounting systems
designed for internal users
Balance Sheet -CORRECTANSWER Reports a company's assets, liabilities, and
owners' equity
Income Statement -CORRECTANSWER reports the amount of net income earned by a
company during a period
Net income -CORRECTANSWER the excess of a company's revenues over its
expenses
statement of cash flows -CORRECTANSWER reports the amount of cash collected and
paid out by a company in the following three types of activities: operating, investing, and
financing
FASB -CORRECTANSWER Which private body establishes accounting rules in the
U.S.?
(Topics 1–6) | Financial Accounting,
GAAP & Cash Flows Verified Questions
and Well Detailed Answers|| LATEST
UPDATE 2026
Accounting -CORRECTANSWER the recording of the day-to-day financial activities of a
company and the organization of that information into summary reports used to evaluate
the company's financial status
Bookkeeping -CORRECTANSWER the preservation of a systematic, quantitative record
of an activity
accounting system -CORRECTANSWER used by a business to handle routine
bookkeeping tasks and to structure the information so it can be used to evaluate the
performance and financial status of the business
Accounting information -CORRECTANSWER Info that is intended to be useful in
making decisions about the future.
The balance sheet, the income statement, and the statement of cashflows -
CORRECTANSWER What are the three primary financial statements?
, External Users -CORRECTANSWER Who is financial accounting information primarily
prepared for and used by?
Managerial Accounting -CORRECTANSWER the name given to accounting systems
designed for internal users
Balance Sheet -CORRECTANSWER Reports a company's assets, liabilities, and
owners' equity
Income Statement -CORRECTANSWER reports the amount of net income earned by a
company during a period
Net income -CORRECTANSWER the excess of a company's revenues over its
expenses
statement of cash flows -CORRECTANSWER reports the amount of cash collected and
paid out by a company in the following three types of activities: operating, investing, and
financing
FASB -CORRECTANSWER Which private body establishes accounting rules in the
U.S.?
