WGU C213 Accounting for Decision Makers Study Guide
Accounting 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 the preservation of a systematic, quantitative record of an activity
accounting system 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 Info that is intended to be useful in making decisions about the future.
The balance sheet, the income statement, and the What are the three primary financial statements?
statement of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
statement of cash flows reports the amount of cash collected and paid out by a company in the following
three types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
Accounting 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 the preservation of a systematic, quantitative record of an activity
accounting system 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 Info that is intended to be useful in making decisions about the future.
The balance sheet, the income statement, and the What are the three primary financial statements?
statement of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
statement of cash flows reports the amount of cash collected and paid out by a company in the following
three types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
