Accounting for decision makers C213 WGU, Exam Questions and answers, Graded A+ 2024 | 49 Pages

1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. - -Accounting steps. Inside, Internal - -Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. - -True or false, managerial accounting uses BOTH managerial and financial accounting? Outside, External, includes lenders and investors - -Financial is inside or outside the business? Balance sheet, income statement, and statement of cash flows - -The financial statement includes what 3 documents Balance Sheet - -Point in time, Assets (resources) and liabilities (obligations) Income Statement - -Period of time (usually 1 year), amount of profit made Statement of Cash flows - -Period of time, where money came from, and where it went. Inflow and outflow of cash (Cash Flows). Change in money for the period. Balance sheet equation - -Assets= liabilities + equity Revenue equation - -Net income=Revenue - Expenses