WGU C213 Accounting for Decision Maker exam with complete solution
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, What are the three primary financial statements?
and the statement of cashflows
WGU C213 Accounting for Decision Maker exam with complete solution
, WGU C213 Accounting for Decision Maker exam with complete solution
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.?
Financial Accounting Standards Board a private body established and supported by the joint efforts
(FASB) of the U.S. business community, financial analysts, and
practicing accountants
The Securities and Exchange Commission the organization that regulates U.S. stock exchanges and
(SEC) seeks to create a fair information environment in which
investors can buy and sell stocks without fear that companies
are hiding or manipulating financial data
American Institute of Certified Public the professional organization of certified public accountants
Accountants (AICPA) (CPAs) in the United States
Public Company Accounting Oversight the organization that inspects the audit practices of registered
Board (PCAOB) audit firms and has statutory authority to investigate
questionable audit practices and to impose sanctions such as
barring an audit firm from auditing SEC-registered companies
Internal Revenue Service (IRS) Gov't agency that establishes rules to define exactly when
income should be taxed. It has no role in setting financial
accounting rules; and a company's financial statements are
not used in determining how much tax the company must pay
The International Accounting Standards Organization that was formed to develop a common set of
Board (IASB) worldwide accounting standards. Its standards are
increasingly accepted worldwide, but FASB rules are still the
standard in the United States.
WGU C213 Accounting for Decision Maker exam with complete solution
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, What are the three primary financial statements?
and the statement of cashflows
WGU C213 Accounting for Decision Maker exam with complete solution
, WGU C213 Accounting for Decision Maker exam with complete solution
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.?
Financial Accounting Standards Board a private body established and supported by the joint efforts
(FASB) of the U.S. business community, financial analysts, and
practicing accountants
The Securities and Exchange Commission the organization that regulates U.S. stock exchanges and
(SEC) seeks to create a fair information environment in which
investors can buy and sell stocks without fear that companies
are hiding or manipulating financial data
American Institute of Certified Public the professional organization of certified public accountants
Accountants (AICPA) (CPAs) in the United States
Public Company Accounting Oversight the organization that inspects the audit practices of registered
Board (PCAOB) audit firms and has statutory authority to investigate
questionable audit practices and to impose sanctions such as
barring an audit firm from auditing SEC-registered companies
Internal Revenue Service (IRS) Gov't agency that establishes rules to define exactly when
income should be taxed. It has no role in setting financial
accounting rules; and a company's financial statements are
not used in determining how much tax the company must pay
The International Accounting Standards Organization that was formed to develop a common set of
Board (IASB) worldwide accounting standards. Its standards are
increasingly accepted worldwide, but FASB rules are still the
standard in the United States.
WGU C213 Accounting for Decision Maker exam with complete solution
