WGU C213 Topics 1-6 Quizzes 2022 (91% of Exam Competencies)

WGU C213 Topics 1-6 Quizzes 2022 (91% of
Exam Competencies)


The emphasis in financial accounting is on which of the following external user
groups? - ANSWER Investors and creditors




The primary internal group that uses accounting information is? - ANSWER
Management




Internal reports are generally used by? - ANSWER
Management

,Which of the following is NOT an external user of financial information? -
ANSWER Management




Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)? - ANSWER It is a government agency




Generally accepted accounting principles are? - ANSWER
Developed by accounting rule makers




The initials GAAP stand for? - ANSWER
Generally Accepted Accounting Principles

,The current standard-setting board for accounting in the private sector is the? -
ANSWER Financial Accounting Standards Board
(FASB)




Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States? -
ANSWER Internal Revenue Service




The organization that develops worldwide accounting standards is the? -
ANSWER International Accounting Standards Board
(IASB)

, Standards established by the International Accounting Standards Board are
referred to as? - ANSWER International
Financial Accounting Standards




Which of the following is NOT a service typically provided by large public
accounting firms? - ANSWER Making
management decisions




Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - ANSWER
Securities and Exchange Commission (SEC)




Which of the following is NOT a reason for the integration of worldwide
accounting standards? - ANSWER The
theoretical necessity of a common set of accounting standards