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**WGU C13 2025 – 2026 ACE YOUR EXAM
PASS QUARANTEED 100%**
==================================
** REVISE AND PASS**
1. Prepare 2. Analyze 3. Gather 4. Make
decisions 5. Implement 6. Observe. correct
answers Accounting steps.
Inside, Internal correct answers Managerial info
is inside or outside the business?
True. Financial accounting is only outside.
Managerial accounting can be inside AND
outside. correct answers True or false,
,managerial accounting uses BOTH managerial
and financial accounting?
Outside, External, includes lenders and
investors correct answers Financial is inside or
outside the business?
Balance sheet, income statement, and statement
of cash flows correct answers The financial
statement includes what 3 documents
Balance Sheet correct answers Point in time,
Assets (resources) and liabilities (obligations)
Income Statement correct answers Period of
time (usually 1 year), amount of profit made
,Statement of Cash flows correct answers Period
of time, where money came from, and where it
went. Inflow and outflow of cash (Cash Flows).
Change in money for the period.
Balance sheet equation correct answers Assets=
liabilities + equity
Revenue equation correct answers Net
income=Revenue - Expenses
Operating, investing, and financial activities
correct answers The statement of cash flows
includes what three activities
FASB: Financial accounting standards. Private,
no government involvement. It is a public
process, includes individuals experienced in
, business and accounting (7 members). correct
answers The decision makers in the U.S.
(accounting rules)
GAAP: General accepted accounting principles
correct answers Developed by accounting rule
makers. No Legal authority.
comparability correct answers We need
accounting rules for...
SEC: Security and exchange commission.
Located in Article 1, Sec 8, Clause 3 correct
answers U.S. gov agency responsible for
ensuring that investors, creditors, and other
financial statement users are provided with
reliable information. It watches behavior in
financial markets.
**WGU C13 2025 – 2026 ACE YOUR EXAM
PASS QUARANTEED 100%**
==================================
** REVISE AND PASS**
1. Prepare 2. Analyze 3. Gather 4. Make
decisions 5. Implement 6. Observe. correct
answers Accounting steps.
Inside, Internal correct answers Managerial info
is inside or outside the business?
True. Financial accounting is only outside.
Managerial accounting can be inside AND
outside. correct answers True or false,
,managerial accounting uses BOTH managerial
and financial accounting?
Outside, External, includes lenders and
investors correct answers Financial is inside or
outside the business?
Balance sheet, income statement, and statement
of cash flows correct answers The financial
statement includes what 3 documents
Balance Sheet correct answers Point in time,
Assets (resources) and liabilities (obligations)
Income Statement correct answers Period of
time (usually 1 year), amount of profit made
,Statement of Cash flows correct answers Period
of time, where money came from, and where it
went. Inflow and outflow of cash (Cash Flows).
Change in money for the period.
Balance sheet equation correct answers Assets=
liabilities + equity
Revenue equation correct answers Net
income=Revenue - Expenses
Operating, investing, and financial activities
correct answers The statement of cash flows
includes what three activities
FASB: Financial accounting standards. Private,
no government involvement. It is a public
process, includes individuals experienced in
, business and accounting (7 members). correct
answers The decision makers in the U.S.
(accounting rules)
GAAP: General accepted accounting principles
correct answers Developed by accounting rule
makers. No Legal authority.
comparability correct answers We need
accounting rules for...
SEC: Security and exchange commission.
Located in Article 1, Sec 8, Clause 3 correct
answers U.S. gov agency responsible for
ensuring that investors, creditors, and other
financial statement users are provided with
reliable information. It watches behavior in
financial markets.
