WGU C213 Accounting for Decision Makers
1.The recording of the day-to-day financial activities of a company
and the organization of that information into summary reports
used to evaluate the company's financial status
Ans: Accounting
2. The preservation of a systematic, quantitative record of an
activity
Ans: Bookkeeping
3. Used by a business to handle routine bookkeeping tasks and to
structure the information so it can be used to evaluate the
performance and financial status of the business
Ans: Accounting system
4. Info that is intended to be useful in making decisions about the
future.
Ans: Accounting information
5. What are the three primary financial statements?
Ans: The balance sheet, the income statement, and the
statement of cashflows.
6. Who is financial accounting information primarily prepared for
and used by?
Ans: External Users
7. The name given to accounting systems designed for internal
users
Ans: Managerial Accounting
8. Reports a company's assets, liabilities, and owners' equity
, Ans: Balance Sheet
9.: Reports the amount of net income earned by a company
during a period
Ans: Income Statement
10. The excess of a company's revenues over its expenses
Ans: Net income
11. Reports the amount of cash collected and paid out by a
company in the following three types of activities: operating,
investing, and financing
Ans: Statement of cash flows
12. Which private body establishes accounting rules in the U.S.?
Ans: FASB
13. A private body established and supported by the joint efforts
of the U.S. business community, financial analysts, and practicing
accountants
Ans: Financial Accounting Standards Board (FASB)
14. The organization that regulates U.S. stock exchanges and
seeks to create a fair information environment in which investors
can buy and sell stocks without fear that companies are hiding or
manipulating financial data
Ans: The Securities and Exchange Commission (SEC)
15. The professional organization of certified public accountants
(CPAs) in the United States
Ans: American Institute of Certified Public Accountants
(AICPA)
1.The recording of the day-to-day financial activities of a company
and the organization of that information into summary reports
used to evaluate the company's financial status
Ans: Accounting
2. The preservation of a systematic, quantitative record of an
activity
Ans: Bookkeeping
3. Used by a business to handle routine bookkeeping tasks and to
structure the information so it can be used to evaluate the
performance and financial status of the business
Ans: Accounting system
4. Info that is intended to be useful in making decisions about the
future.
Ans: Accounting information
5. What are the three primary financial statements?
Ans: The balance sheet, the income statement, and the
statement of cashflows.
6. Who is financial accounting information primarily prepared for
and used by?
Ans: External Users
7. The name given to accounting systems designed for internal
users
Ans: Managerial Accounting
8. Reports a company's assets, liabilities, and owners' equity
, Ans: Balance Sheet
9.: Reports the amount of net income earned by a company
during a period
Ans: Income Statement
10. The excess of a company's revenues over its expenses
Ans: Net income
11. Reports the amount of cash collected and paid out by a
company in the following three types of activities: operating,
investing, and financing
Ans: Statement of cash flows
12. Which private body establishes accounting rules in the U.S.?
Ans: FASB
13. A private body established and supported by the joint efforts
of the U.S. business community, financial analysts, and practicing
accountants
Ans: Financial Accounting Standards Board (FASB)
14. The organization that regulates U.S. stock exchanges and
seeks to create a fair information environment in which investors
can buy and sell stocks without fear that companies are hiding or
manipulating financial data
Ans: The Securities and Exchange Commission (SEC)
15. The professional organization of certified public accountants
(CPAs) in the United States
Ans: American Institute of Certified Public Accountants
(AICPA)
