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WGU C213 - Accounting topic 1 Questions and Correct Answers/ Latest Update / Already Graded

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WGU C213 - Accounting topic 1 Questions and Correct Answers/ Latest Update / Already Graded

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WGU C213 - Accounting topic 1 Questions and Correct
Answers/ Latest Update / Already Graded
Accounting

Ans: 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)

Ans: The professional organization of certified public accountants in the United
States


Balance Sheet

Ans: 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

Ans: The preservation of a systematic, quantitative record of an activity


Certified Public Accountant

Ans: 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

Ans: The name given to accounting information provided for and used by
external users




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