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