Western Governors University D 072
WGU C213 Accounting for Decision
Maker exam with full solution
Students also studied
Study guides
C
Terms in this set (82)
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 exchanges
Commission (SEC) 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
American Institute of Certified Public the professional organization of certified public
Accountants (AICPA) accountants (CPAs) in the United States
Public Company Accounting the organization that inspects the audit practices of
Oversight Board (PCAOB) registered audit firms and has statutory authority to
investigate
questionable audit practices and to impose sanctions
such as barring an audit firm from auditing SEC-
registered companies
Internal Revenue Service (IRS) Gov't agency that establishes rules to define exactly
when income should be taxed. It has no role in
setting financial accounting rules; and a company's
financial statements are
not used in determining how much tax the company
must pay
The International Accounting Organization that was formed to develop a common
Standards Board (IASB) set of worldwide accounting standards. Its standards
are
increasingly accepted worldwide, but FASB rules are
still the standard in the United States.
1. Rapid Advancements in the IT field Which 3 factors have combined to make right now
2.the international integration of a time of significant change in accounting?
worldwide business
WGU C213 Accounting for Decision
Maker exam with full solution
Students also studied
Study guides
C
Terms in this set (82)
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 exchanges
Commission (SEC) 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
American Institute of Certified Public the professional organization of certified public
Accountants (AICPA) accountants (CPAs) in the United States
Public Company Accounting the organization that inspects the audit practices of
Oversight Board (PCAOB) registered audit firms and has statutory authority to
investigate
questionable audit practices and to impose sanctions
such as barring an audit firm from auditing SEC-
registered companies
Internal Revenue Service (IRS) Gov't agency that establishes rules to define exactly
when income should be taxed. It has no role in
setting financial accounting rules; and a company's
financial statements are
not used in determining how much tax the company
must pay
The International Accounting Organization that was formed to develop a common
Standards Board (IASB) set of worldwide accounting standards. Its standards
are
increasingly accepted worldwide, but FASB rules are
still the standard in the United States.
1. Rapid Advancements in the IT field Which 3 factors have combined to make right now
2.the international integration of a time of significant change in accounting?
worldwide business
