WGU C213 Practice Test (Latest 2026/ 2027 Update) Accounting for Decision Makers Questions with Verified Answers| 100% Correct | Graded A+

WGU C213 Practice Test (Latest 2026/ 2027
Update) Accounting for Decision Makers
Questions with Verified Answers| 100%
Correct | Graded A+
Question:
Managerial Accounting? i,-




Answer:

the name given to accounting systems designed for internal users
i,- i,- i,- i,- i,- i,- i,- i,- i,-




Question:

Balance Sheet?
i,-




Answer:

Reports a company's assets, liabilities, and owners' equity
i,- i,- i,- i,- i,- i,- i,-




Question:

Income Statement?
i,-




Answer:

reports the amount of net income earned by a company during a period
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-

,Question:

Net income?
i,-




Answer:

the excess of a company's revenues over its expenses
i,- i,- i,- i,- i,- i,- i,- i,-




Question:

statement of cash flows? i,- i,- i,-




Answer:
reports the amount of cash collected and paid out by a company in the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-


following three types of activities: operating, investing, and financing
i,- i,- i,- i,- i,- i,- i,- i,-




Question:
FASB?

Answer:
Which private body establishes accounting rules in the U.S.?
i,- i,- i,- i,- i,- i,- i,- i,-




Question:

Financial Accounting Standards Board (FASB)?
i,- i,- i,- i,-




Answer:

, a private body established and supported by the joint efforts of the U.S.
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-


business community, financial analysts, and practicing accountants
i,- i,- i,- i,- i,- i,-




Question:
The Securities and Exchange Commission (SEC)?
i,- i,- i,- i,- i,-




Answer:

the organization that regulates U.S. stock exchanges and seeks to create a
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



fair information environment in which investors can buy and sell stocks
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-


without fear that companies are hiding or manipulating financial data
i,- i,- i,- i,- i,- i,- i,- i,- i,-




Question:

American Institute of Certified Public Accountants (AICPA)?
i,- i,- i,- i,- i,- i,-




Answer:
the professional organization of certified public accountants (CPAs) in the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-


United States i,-




Question:

Public Company Accounting Oversight Board (PCAOB)?
i,- i,- i,- i,- i,-




Answer:
the organization that inspects the audit practices of registered audit firms
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-


and has statutory authority to investigate questionable audit practices and
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-