ACCOUNTING FOR DECISION MAKERS - C213 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+

ACCOUNTING FOR DECISION MAKERS - C213 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Accounting Correct Answer: A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." American Institute of Certified Public Accountants (AICPA) Correct Answer: The professional organization of certified public accountants in the United States. Balance Sheet Correct Answer: Document which reports the resources of a company (the assets), the company's obligations (the liabilities), and the owners' equity, which represents how much money has been invested in the company by its owners. Bookkeeping Correct Answer: The preservation of a systematic, quantitative record of an activity. Certified Public Accountant Correct Answer: A person who has taken a minimum number of college-level accounting classes, has passed the dreaded CPA exam, and has met other requirements set by his or her state. Financial Accounting Correct Answer: The name given to accounting information provided for and used by external users. Financial Accounting Standards Board (FASB) Correct Answer: Governmental body that sets accounting standards in the United States. Financial Statements Correct Answer: The three primary financial information documents: the balance sheet, income statement, and statement of cash flows. Income Statement Correct Answer: This document reports the amount of net income earned by a company during a period, with annual and quarterly income statements being the most common. Internal Revenue Service (IRS) Correct Answer: The government agency responsible for tax collection and tax law enforcement. International Accounting Standards Board (IASB) Correct Answer: An independent, international body formed to develop worldwide accounting standards. International Financial Reporting Standards (IFRS) Correct Answer: The accounting standards produced by the IASB. Managerial Accounting Correct Answer: The name given to accounting systems designed for internal users. Public Company Accounting Oversight Board (PCAOB) Correct Answer: A private, non-profit organization that effectively serves as an arm of the SEC in registering, inspecting, and disciplining the auditors of all publicly traded companies. Statement of Cash Flows Correct Answer: This document reports the amount of cash collected and paid out by a company in the following three types of activities: operating, investing, and financing Accounting Equation Correct Answer: Assets = Liabilities + Owners' Equity Accumulated Other Comprehensive Income Correct Answer: The source of these increased asset