WGU - C213 Accounting for MBAS Decision Makers EXAM QUESTIONS AND ANSWERS (100% CORRECT)

WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)




The emphasis in financial accounting is on Answer Investors and creditors
which of the following external user
groups?


Management
Educators
Investors and creditors
Certified public accountants


The primary internal group that uses Answer Management
accounting information is


Management
Government agencies
Investors
Competitors




WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)

,WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)


Internal reports are generally used by Answe rManagement




Management
Lenders
Suppliers
Employees


Which of the following is NOT an external Answer Management
user of financial information?


Customers
Suppliers
Management
Competitors


Which of the following is NOT true of the Answer It is a government agency
Financial Accounting Standards Board
(FASB)?


It seeks consistency for its proposed
standards
It has no legal power to enforce the
standards it sets
It is a government agency
It consists of seven full-time members


Generally accepted accounting principles Answer Developed by accounting rule makers
are


Natural laws
Based on scientific proofs
Developed by accounting rule makers
None of these are correct


The initials GAAP stand for Answer Generally Accepted Accounting Principles


Generally Accepted Accounting Practices
Generally Accepted Accounting Principles
General Accounting Administration Practices
Generally Applied Accounting Procedures




WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)

,WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)


The current standard-setting board for Answer Financial Accounting Standards Board (FASB)
accounting in the private sector is the


Securities and Exchange Commission (SEC)
International Accounting Standards Board
(IASB)
American Accounting Association (AAA)
Financial Accounting Standards Board
(FASB)




WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)

, WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)


Which of the following organizations has Answer Securities and Exchange Commission (SEC)
specific legal authority to establish
accounting standards for publicly held
companies?


Securities and Exchange Commission (SEC)
American Institute of Certified Public
Accountants (AICPA)
Financial Accounting Standards Board
(FASB)
Internal Revenue Service (IRS)


Standards established by the International Answer International Financial Reporting Standards
Accounting Standards Board are referred to
as


International Auditing Standards
Generally Accepted Accounting Standards
International Financial Reporting Standards
International Financial Accounting
Standards


Which of the following is NOT a service Answer Making management decisions
typically provided by large public
accounting firms?


Making management decisions
Establishing accounting systems
Redesigning operating procedures
Performing audits


The initials CPA stand for Answer Certified Public Accountant


Certified Professional Appraiser
Certified Public Auditor
Certified Professional Accountant
Certified Public Accountant


The organization that develops worldwide Answer International Accounting Standards Board (IASB)
accounting standards is the


International Board of Accounting
Standards (IBAS)
International Accounting Standards
Committee (IASC)
International Committee on Accounting
Standards (ICAS)
International Accounting Standards Board
(IASB)


WGU - C213: Accounting for MBAS Decision Makers EXAM QUESTIONS AND
ANSWERS (100% CORRECT)