WGU C213 Object Assessment Accounting for
Decision Makers 2023/ 2024 Exam |Actual Questions
and Verified Answers | A Grade
Accountingd-dthedrecordingdofdthedday-to-
daydfinancialdactivitiesdofdadcompanydanddthedorganizationdofdthatdinformationdintodsummar
ydreportsduseddtodevaluatedthedcompany'sdfinancialdstatus
Bookkeepingd-dthedpreservationdofdadsystematic,dquantitativedrecorddofdandactivity
accountingdsystemd-
duseddbydadbusinessdtodhandledroutinedbookkeepingdtasksdanddtodstructuredthedinformationd
soditdcandbeduseddtodevaluatedthedperformancedanddfinancialdstatusdofdthedbusiness
Accountingdinformationd-
dInfodthatdisdintendeddtodbedusefuldindmakingddecisionsdaboutdthedfuture.
Thedbalancedsheet,dthedincomedstatement,danddthedstatementdofdcashflowsd-
dWhatdaredthedthreedprimarydfinancialdstatements?
ExternaldUsersd-
dWhodisdfinancialdaccountingdinformationdprimarilydprepareddfordandduseddby?
ManagerialdAccountingd-
dthednamedgivendtodaccountingdsystemsddesigneddfordinternaldusers
BalancedSheetd-dReportsdadcompany'sdassets,dliabilities,danddowners'dequity
IncomedStatementd-
dreportsdthedamountdofdnetdincomedearneddbydadcompanydduringdadperiod
Netdincomed-dthedexcessdofdadcompany'sdrevenuesdoverditsdexpenses
statementdofdcashdflowsd-
dreportsdthedamountdofdcashdcollecteddanddpaiddoutdbydadcompanydindthedfollowingdthreedtyp
esdofdactivities:doperating,dinvesting,danddfinancing
FASBd-dWhichdprivatedbodydestablishesdaccountingdrulesdindthedU.S.?
FinancialdAccountingdStandardsdBoardd(FASB)d-
dadprivatedbodydestablisheddanddsupporteddbydthedjointdeffortsdofdthedU.S.dbusinessdcommu
nity,dfinancialdanalysts,danddpracticingdaccountants
, ThedSecuritiesdanddExchangedCommissiond(SEC)d-
dthedorganizationdthatdregulatesdU.S.dstockdexchangesdanddseeksdtodcreatedadfairdinformati
ondenvironmentdindwhichdinvestorsdcandbuydanddselldstocksdwithoutdfeardthatdcompaniesdar
edhidingdordmanipulatingdfinancialddata
AmericandInstitutedofdCertifieddPublicdAccountantsd(AICPA)d-
dthedprofessionaldorganizationdofdcertifieddpublicdaccountantsd(CPAs)dindthedUniteddStates
PublicdCompanydAccountingdOversightdBoardd(PCAOB)d-
dthedorganizationdthatdinspectsdthedauditdpracticesdofdregistereddauditdfirmsdanddhasdstatuto
rydauthoritydtodinvestigatedquestionabledauditdpracticesdanddtodimposedsanctionsdsuchdasdb
arringdandauditdfirmdfromdauditingdSEC-registereddcompanies
InternaldRevenuedServiced(IRS)d-
dGov'tdagencydthatdestablishesdrulesdtoddefinedexactlydwhendincomedshoulddbedtaxed.dItdha
sdnodroledindsettingdfinancialdaccountingdrules;danddadcompany'sdfinancialdstatementsdaredn
otduseddinddeterminingdhowdmuchdtaxdthedcompanydmustdpay
ThedInternationaldAccountingdStandardsdBoardd(IASB)d-
dOrganizationdthatdwasdformeddtoddevelopdadcommondsetdofdworldwidedaccountingdstandar
ds.dItsdstandardsdaredincreasinglydaccepteddworldwide,dbutdFASBdrulesdaredstilldthedstanda
rddindthedUniteddStates.
1.dRapiddAdvancementsdindthedITdfield
2.dthedinternationaldintegrationdofdworldwidedbusiness
3.dIncreaseddscrutinydassociateddwithdlargedcorporatedaccountingdscandalsd-
dWhichd3dfactorsdhavedcombineddtodmakedrightdnowdadtimedofdsignificantdchangedindaccount
ing?
Sarbanes-OxleydActd-
dAdwavedofdaccountingdscandalsdstartingdind2001dresulteddindthisdact,dwhichdincreasesdU.S.d
federaldgovernmentdscrutinydofdthedproductiondofdfinancialdstatements.
BalancedSheetd-
dreportsdadcompany'sdfinancialdpositiondatdadspecifieddpointdindtimedanddlistsdthedcompany'sd
resourcesd(assets),dobligationsd(liabilities),danddnetdownershipdinterestd(owners'dequity).
Assetsd-
dprobabledfuturedeconomicdbenefitsdobtaineddordcontrolleddbydadcompanydasdadresultdofdpas
tdtransactionsdordevents
Liabilitiesd-
dprobabledfuturedsacrificesdofdeconomicdbenefitsdarisingdfromdpresentdobligationsdofdadcom
panydtodtransferdassetsdordprovidedservicesdindthedfuturedasdadresultdofdpastdtransactionsdord
events
Decision Makers 2023/ 2024 Exam |Actual Questions
and Verified Answers | A Grade
Accountingd-dthedrecordingdofdthedday-to-
daydfinancialdactivitiesdofdadcompanydanddthedorganizationdofdthatdinformationdintodsummar
ydreportsduseddtodevaluatedthedcompany'sdfinancialdstatus
Bookkeepingd-dthedpreservationdofdadsystematic,dquantitativedrecorddofdandactivity
accountingdsystemd-
duseddbydadbusinessdtodhandledroutinedbookkeepingdtasksdanddtodstructuredthedinformationd
soditdcandbeduseddtodevaluatedthedperformancedanddfinancialdstatusdofdthedbusiness
Accountingdinformationd-
dInfodthatdisdintendeddtodbedusefuldindmakingddecisionsdaboutdthedfuture.
Thedbalancedsheet,dthedincomedstatement,danddthedstatementdofdcashflowsd-
dWhatdaredthedthreedprimarydfinancialdstatements?
ExternaldUsersd-
dWhodisdfinancialdaccountingdinformationdprimarilydprepareddfordandduseddby?
ManagerialdAccountingd-
dthednamedgivendtodaccountingdsystemsddesigneddfordinternaldusers
BalancedSheetd-dReportsdadcompany'sdassets,dliabilities,danddowners'dequity
IncomedStatementd-
dreportsdthedamountdofdnetdincomedearneddbydadcompanydduringdadperiod
Netdincomed-dthedexcessdofdadcompany'sdrevenuesdoverditsdexpenses
statementdofdcashdflowsd-
dreportsdthedamountdofdcashdcollecteddanddpaiddoutdbydadcompanydindthedfollowingdthreedtyp
esdofdactivities:doperating,dinvesting,danddfinancing
FASBd-dWhichdprivatedbodydestablishesdaccountingdrulesdindthedU.S.?
FinancialdAccountingdStandardsdBoardd(FASB)d-
dadprivatedbodydestablisheddanddsupporteddbydthedjointdeffortsdofdthedU.S.dbusinessdcommu
nity,dfinancialdanalysts,danddpracticingdaccountants
, ThedSecuritiesdanddExchangedCommissiond(SEC)d-
dthedorganizationdthatdregulatesdU.S.dstockdexchangesdanddseeksdtodcreatedadfairdinformati
ondenvironmentdindwhichdinvestorsdcandbuydanddselldstocksdwithoutdfeardthatdcompaniesdar
edhidingdordmanipulatingdfinancialddata
AmericandInstitutedofdCertifieddPublicdAccountantsd(AICPA)d-
dthedprofessionaldorganizationdofdcertifieddpublicdaccountantsd(CPAs)dindthedUniteddStates
PublicdCompanydAccountingdOversightdBoardd(PCAOB)d-
dthedorganizationdthatdinspectsdthedauditdpracticesdofdregistereddauditdfirmsdanddhasdstatuto
rydauthoritydtodinvestigatedquestionabledauditdpracticesdanddtodimposedsanctionsdsuchdasdb
arringdandauditdfirmdfromdauditingdSEC-registereddcompanies
InternaldRevenuedServiced(IRS)d-
dGov'tdagencydthatdestablishesdrulesdtoddefinedexactlydwhendincomedshoulddbedtaxed.dItdha
sdnodroledindsettingdfinancialdaccountingdrules;danddadcompany'sdfinancialdstatementsdaredn
otduseddinddeterminingdhowdmuchdtaxdthedcompanydmustdpay
ThedInternationaldAccountingdStandardsdBoardd(IASB)d-
dOrganizationdthatdwasdformeddtoddevelopdadcommondsetdofdworldwidedaccountingdstandar
ds.dItsdstandardsdaredincreasinglydaccepteddworldwide,dbutdFASBdrulesdaredstilldthedstanda
rddindthedUniteddStates.
1.dRapiddAdvancementsdindthedITdfield
2.dthedinternationaldintegrationdofdworldwidedbusiness
3.dIncreaseddscrutinydassociateddwithdlargedcorporatedaccountingdscandalsd-
dWhichd3dfactorsdhavedcombineddtodmakedrightdnowdadtimedofdsignificantdchangedindaccount
ing?
Sarbanes-OxleydActd-
dAdwavedofdaccountingdscandalsdstartingdind2001dresulteddindthisdact,dwhichdincreasesdU.S.d
federaldgovernmentdscrutinydofdthedproductiondofdfinancialdstatements.
BalancedSheetd-
dreportsdadcompany'sdfinancialdpositiondatdadspecifieddpointdindtimedanddlistsdthedcompany'sd
resourcesd(assets),dobligationsd(liabilities),danddnetdownershipdinterestd(owners'dequity).
Assetsd-
dprobabledfuturedeconomicdbenefitsdobtaineddordcontrolleddbydadcompanydasdadresultdofdpas
tdtransactionsdordevents
Liabilitiesd-
dprobabledfuturedsacrificesdofdeconomicdbenefitsdarisingdfromdpresentdobligationsdofdadcom
panydtodtransferdassetsdordprovidedservicesdindthedfuturedasdadresultdofdpastdtransactionsdord
events
