C213 Accounting WGU Questions and Answers
C213 Accounting WGU Accounting - Answer-a system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions" AICPA - Answer-American Institute of Certified Public Accountants-the professional organization of certified public accountants in the united states Balance Sheet - Answer-document which reports the resources of a company (assets), the company's obligations (liabilities), and the owner's equity, which represents how much money has been invested in the company by its owners. Bookkeeping - Answer-The preservation of a systematic, quantitative record of an activity CPA - Answer-Certified Public Accountant-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 - Answer-the name given to accounting information provided for and used by external users FASB - Answer-Financial Accounting Standards Board - governmental body that sets accounting standards in the United States Financial Statements - Answer-the three primary financial information documents: the balance sheet, income statement, and statement of cash flows Income Statement - 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 IRS - Answer-Internal Revenue Service m- the government agency responsible for tax collection and tax law enforcement IASB - Answer-International Accounting Standards Board - an independent, international body formed to develop worldwide accounting standards IFRS - Answer-International Financial Reporting Standards - the accounting standards produced by the IASB Managerial Accounting - Answer-the name given to accounting systems designed for internal users PCAOB - Answer-Public Company Accounting Oversight Board - 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.
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