***business study set chapters 14-16//
WGU C214 Concepts Only Multi Choice
Version Exam 2024-2026
local government entities have a different set of
accounting standard which are set by who -
ANSWER- government accounting stander board
federal government follows a set of standard
determined by who -ANSWER- federal accounting
standards and advisory board
international companies follow what standers of
accounting -ANSWER- international finical reporting
standers
what is forensic accounting and what does it involve
-ANSWER- accounting that is fit for legal review and
,involves analyzing finical documents in search for
fraudulent entries or finical misconduct
what is a private accountant -ANSWER- - employed
by large corporations, government agencies, and
other organizations to prepare and analyze their
finical statements
- they are deeply involved in most of the important
financial decisions of the organization
what is a certified management accountants -
ANSWER- - private accountants who are certified by
the national association of accountants and who
have some managerial respobaility
what is bookkeeping -ANSWER- limited to the day to
day recording of business transactions
- has a much narrower scope than accounting
,-responsible for obtain and recording the
information accounts require to analyze a firms
finical postions
how do managers and owners use finical statements
-ANSWER- aid in internal planning and control
external purposes such as reporting to the internal
reverence service, stock holders, creditors ,
consumers, employee's and other interested parties
what is managerial accounting -ANSWER- the
internal use of accounting statements by managers
in planning and directing the orgnixaiotn activities
what is cash flow -ANSWER- the movement of
money through an organization over a daily, weekly,
monthly, or yearly basis
def of accounting -ANSWER- the recording,
measurement, and interpretation of financial
information
, what is a certified public accountant -ANSWER- an
individual who has been state certified to provide
accounting services ranging form the preparation of
finical records and the filing of tax returns to
complex audits of corporate finical records
what is the sarbanes-oxley act do -ANSWER-
requires firms to be more rigorous in their
accounting and reporting practices
what does the dodd frank act do -ANSWER-
strengthens the oversight of finical institutions
what accounting methods do privet and public
business follow -ANSWER- generally accepted
accounting principles method
what is a budget -ANSWER- an internal finical plan
that forecasts expenses and income over a set
period of time
WGU C214 Concepts Only Multi Choice
Version Exam 2024-2026
local government entities have a different set of
accounting standard which are set by who -
ANSWER- government accounting stander board
federal government follows a set of standard
determined by who -ANSWER- federal accounting
standards and advisory board
international companies follow what standers of
accounting -ANSWER- international finical reporting
standers
what is forensic accounting and what does it involve
-ANSWER- accounting that is fit for legal review and
,involves analyzing finical documents in search for
fraudulent entries or finical misconduct
what is a private accountant -ANSWER- - employed
by large corporations, government agencies, and
other organizations to prepare and analyze their
finical statements
- they are deeply involved in most of the important
financial decisions of the organization
what is a certified management accountants -
ANSWER- - private accountants who are certified by
the national association of accountants and who
have some managerial respobaility
what is bookkeeping -ANSWER- limited to the day to
day recording of business transactions
- has a much narrower scope than accounting
,-responsible for obtain and recording the
information accounts require to analyze a firms
finical postions
how do managers and owners use finical statements
-ANSWER- aid in internal planning and control
external purposes such as reporting to the internal
reverence service, stock holders, creditors ,
consumers, employee's and other interested parties
what is managerial accounting -ANSWER- the
internal use of accounting statements by managers
in planning and directing the orgnixaiotn activities
what is cash flow -ANSWER- the movement of
money through an organization over a daily, weekly,
monthly, or yearly basis
def of accounting -ANSWER- the recording,
measurement, and interpretation of financial
information
, what is a certified public accountant -ANSWER- an
individual who has been state certified to provide
accounting services ranging form the preparation of
finical records and the filing of tax returns to
complex audits of corporate finical records
what is the sarbanes-oxley act do -ANSWER-
requires firms to be more rigorous in their
accounting and reporting practices
what does the dodd frank act do -ANSWER-
strengthens the oversight of finical institutions
what accounting methods do privet and public
business follow -ANSWER- generally accepted
accounting principles method
what is a budget -ANSWER- an internal finical plan
that forecasts expenses and income over a set
period of time
