WGU C213 ACCOUNTING FOR DECISION MAKERS OBJECTIVE ASSESSMENT (OA) ACTUAL TEST 2025 COMPLETE ACTUAL QUESTIONS AND CORRECT DETAILED ANSWERS (CORRECT VERIFIED SOLUTIONS) A NEW UPDATED VERSION 2025 |GUARANTEED PASS A+ WGU C213

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WGU C213 ACCOUNTING FOR DECISION MAKERS
OBJECTIVE ASSESSMENT (OA) ACTUAL TEST 2025
COMPLETE ACTUAL QUESTIONS AND CORRECT
DETAILED ANSWERS (CORRECT VERIFIED SOLUTIONS) A
NEW UPDATED VERSION 2025 |GUARANTEED PASS A+
WGU C213




1.fPreparef2.fAnalyzef3.fGatherf4.fMakefdecisionsf5.fImplementf6.fObserve.f-

f answerAccountingfsteps.



Inside,fInternalf-fanswerManagerialfinfofisfinsideforfoutsidefthefbusiness?



True.fFinancialfaccountingfisfonlyfoutside.fManagerialfaccountingfcanfbefinsidefAND

f outside.f-

f answerTrueforffalse,fmanagerialfaccountingfusesfBOTHfmanagerialfandffinancialfac

counting?



Outside,fExternal,fincludesflendersfandfinvestorsf-

f answerFinancialfisfinsideforfoutsidefthefbusiness?

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Balancefsheet,fincomefstatement,fandfstatementfoffcashfflowsf-

f answerTheffinancialfstatementfincludesfwhatf3fdocuments



BalancefSheetf-fanswerPointfinftime,fAssetsf(resources)fandfliabilitiesf(obligations)



IncomefStatementf-fanswerPeriodfofftimef(usuallyf1fyear),famountfoffprofitfmade



StatementfoffCashfflowsf-

f answerPeriodfofftime,fwherefmoneyfcameffrom,fandfwherefitfwent.fInflowfandfoutflo

wfoffcashf(CashfFlows).fChangefinfmoneyfforfthefperiod.



Balancefsheetfequationf-fanswerAssets=fliabilitiesf+fequity



Revenuefequationf-fanswerNetfincome=Revenuef-fExpenses



Operating,finvesting,fandffinancialfactivitiesf-

f answerThefstatementfoffcashfflowsfincludesfwhatfthreefactivities



FASB:fFinancialfaccountingfstandards.fPrivate,fnofgovernmentfinvolvement.fItfisfafp

ublicfprocess,fincludesfindividualsfexperiencedfinfbusinessfandfaccountingf(7fmem

bers).f-fanswerThefdecisionfmakersfinfthefU.S.f(accountingfrules)

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GAAP:fGeneralfacceptedfaccountingfprinciplesf-

f answerDevelopedfbyfaccountingfrulefmakers.fNofLegalfauthority.



comparabilityf-fanswerWefneedfaccountingfrulesffor...



SEC:fSecurityfandfexchangefcommission.fLocatedfinfArticlef1,fSecf8,fClausef3f-

f answerU.S.fgovfagencyfresponsiblefforfensuringfthatfinvestors,fcreditors,fandfotherf

financialfstatementfusersfarefprovidedfwithfreliablefinformation.fItfwatchesfbehaviorfi

nffinancialfmarkets.



Registrationfstatementsf(prospectus),fFormf10-K,fFormf10-

Q,fandfschedulef14Af(proxyfstatement).fThesefarefallfpubliclyfviewable.f-

f answerWhatfformsfdofthefSECfregulate?



Overseesfstockfexchanges,fcanfsuspendfafcompany,finvestigatefandfsuspectfviolati

onsfoffthefSECfrules.f-fanswerWhatfdoesfthefSECfdo?



YES.fThefSECfhasflegalfauthorityftofestablishfaccountingfrulesfandfdisclosurefrequir

ements.f-fanswerDoesfthefSECfhaveflegalfauthority?



USAfcongress->SEC->FASBf-

f answerFinancialfaccountingfrulefperfthefUSfconstitution

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FASB:fFinancialfaccountingfstandardsfboardf-fanswerThefSECfcreatedfthe



GAAPf(hasfnoflegalfauthority)f-fanswerFASBfcreated



AIPCA:fAmericanfINSTITUTEfoffcertifiedfpublicfaccountants.f-

f answerWhatfsetsfauditoryfstandards,fcontinuefeducationfcredits,fCPAfexam,fandfisft

hefcodefoffprofessionalfconduct?



OnlyfCPA's:fCertifiedfpublicfaccountants.f-

f answerWhofisfthefonlyfpersonfwhofcanfsignfauditfreports?



PCAOB:fPublicfcompanyfaccountingfoversightfboard.f-fanswerThefSarbanes-

OxleyfActf"SOX"fcreated?



UnderfsupervisionfoffthefSEC.f-fanswerPCAOBfisfunderfsupervisionfof?



PCAOB:fPublicfCompanyfAccountingfOVERSIGHTfBoard.f-

f answerWhofappointsfmembers,fapprovesfactions,fgovfstandards,finspections,fandfi

nvestigations?fItfisfafprivatefgroupfandfOVERSEES.fAUDITORS?



U.S.fGovfagencyfthatfcollectsfandfregulatesfincomeftaxes.fTheirfprimaryfgoalfisftofcol

lectfrevenue.f-fanswerIRS