WGU C213 Final Exam: ACCOUNTING FOR
DECISION MAKERS 2026 update|comprehensive
questions and verified answers (complete
solutions) Exam|GRADE A+!!
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Terms in this set (143)
Accounting 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
Bookkeeping the preservation of a systematic, quantitative
record of an activity
accounting system 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
Accounting information Info that is intended to be useful in making
decisions about the future.
The balance sheet, the income What are the three primary financial statements?
statement, and the statement of
cashflows
, External Users Who is financial accounting information primarily
prepared for and used by?
Managerial Accounting the name given to accounting systems designed
for internal users
Balance Sheet Reports a company's assets, liabilities, and owners'
equity
Income Statement reports the amount of net income earned by a
company during a period
Net income the excess of a company's revenues over its
expenses
statement of cash flows reports the amount of cash collected and paid out
by a company in the following three types of
activities: operating, investing, and financing
FASB Which private body establishes accounting rules in
the U.S.?
Financial Accounting Standards a private body established and supported by the
Board (FASB) joint efforts of the U.S. business community,
financial analysts, and practicing accountants
The Securities and Exchange the organization that regulates U.S. stock
Commission (SEC) 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
DECISION MAKERS 2026 update|comprehensive
questions and verified answers (complete
solutions) Exam|GRADE A+!!
Save
Terms in this set (143)
Accounting 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
Bookkeeping the preservation of a systematic, quantitative
record of an activity
accounting system 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
Accounting information Info that is intended to be useful in making
decisions about the future.
The balance sheet, the income What are the three primary financial statements?
statement, and the statement of
cashflows
, External Users Who is financial accounting information primarily
prepared for and used by?
Managerial Accounting the name given to accounting systems designed
for internal users
Balance Sheet Reports a company's assets, liabilities, and owners'
equity
Income Statement reports the amount of net income earned by a
company during a period
Net income the excess of a company's revenues over its
expenses
statement of cash flows reports the amount of cash collected and paid out
by a company in the following three types of
activities: operating, investing, and financing
FASB Which private body establishes accounting rules in
the U.S.?
Financial Accounting Standards a private body established and supported by the
Board (FASB) joint efforts of the U.S. business community,
financial analysts, and practicing accountants
The Securities and Exchange the organization that regulates U.S. stock
Commission (SEC) 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
