WGU C213 ACCOUNTING FOR DECISION MAKERS
EXAM WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
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Terms in this set (82)
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 What are the three primary financial statements?
statement, and the 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.?
Financial Accounting Standards a private body established and supported by the
Board (FASB) joint efforts of the U.S. business community, financial
analysts, and practicing accountants
The Securities and Exchange the organization that regulates U.S. stock exchanges
Commission (SEC) and 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
EXAM WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (82)
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 What are the three primary financial statements?
statement, and the 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.?
Financial Accounting Standards a private body established and supported by the
Board (FASB) joint efforts of the U.S. business community, financial
analysts, and practicing accountants
The Securities and Exchange the organization that regulates U.S. stock exchanges
Commission (SEC) and 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
