Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Accounting A system of providing "quantitative information, primarily
financial in nature, about economic entities that is intended to
be useful in making economic decisions."
American Institute of Certified Public The professional organization of certified public accountants
Accountants (AICPA) in the United States.
Balance Sheet Document which reports the resources of a company (the
assets), the company's obligations (the liabilities), and the
owners' equity, which represents how much money has been
invested in the company by its owners.
Bookkeeping The preservation of a systematic, quantitative record of an
activity.
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
,Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Certified Public Accountant A person who has taken a minimum number of college-level
accounting classes, has passed the dreaded CPA exam, and
has met other requirements set by his or her state.
Financial Accounting The name given to accounting information provided for and
used by external users.
Financial Accounting Standards Board Governmental body that sets accounting standards in the
(FASB) United States.
Financial Statements The three primary financial information documents: the
balance sheet, income statement, and statement of cash
flows.
Income Statement This document reports the amount of net income earned by a
company during a period, with annual and quarterly income
statements being the most common.
Internal Revenue Service (IRS) The government agency responsible for tax collection and tax
law enforcement.
International Accounting Standards Board An independent, international body formed to develop
(IASB) worldwide accounting standards.
International Financial Reporting Standards The accounting standards produced by the IASB.
(IFRS)
Managerial Accounting The name given to accounting systems designed for internal
users.
Public Company Accounting Oversight A private, non-profit organization that effectively serves as an
Board (PCAOB) arm of the SEC in registering, inspecting, and disciplining the
auditors of all publicly traded companies.
Statement of Cash Flows This document reports the amount of cash collected and paid
out by a company in the following three types of activities:
operating, investing, and financing
Accounting Equation Assets = Liabilities + Owners' Equity
Accumulated Other Comprehensive Income The source of these increased assets
Assets Assets are the firm's economic resources, formally defined as
"probable future economic benefits obtained or controlled by
a particular entity as a result of past transactions or events
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
, Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Balance Sheet A statement of financial position shows the financial resources
the company owns or controls and the claims on those
resources
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Accounting A system of providing "quantitative information, primarily
financial in nature, about economic entities that is intended to
be useful in making economic decisions."
American Institute of Certified Public The professional organization of certified public accountants
Accountants (AICPA) in the United States.
Balance Sheet Document which reports the resources of a company (the
assets), the company's obligations (the liabilities), and the
owners' equity, which represents how much money has been
invested in the company by its owners.
Bookkeeping The preservation of a systematic, quantitative record of an
activity.
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
,Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Certified Public Accountant A person who has taken a minimum number of college-level
accounting classes, has passed the dreaded CPA exam, and
has met other requirements set by his or her state.
Financial Accounting The name given to accounting information provided for and
used by external users.
Financial Accounting Standards Board Governmental body that sets accounting standards in the
(FASB) United States.
Financial Statements The three primary financial information documents: the
balance sheet, income statement, and statement of cash
flows.
Income Statement This document reports the amount of net income earned by a
company during a period, with annual and quarterly income
statements being the most common.
Internal Revenue Service (IRS) The government agency responsible for tax collection and tax
law enforcement.
International Accounting Standards Board An independent, international body formed to develop
(IASB) worldwide accounting standards.
International Financial Reporting Standards The accounting standards produced by the IASB.
(IFRS)
Managerial Accounting The name given to accounting systems designed for internal
users.
Public Company Accounting Oversight A private, non-profit organization that effectively serves as an
Board (PCAOB) arm of the SEC in registering, inspecting, and disciplining the
auditors of all publicly traded companies.
Statement of Cash Flows This document reports the amount of cash collected and paid
out by a company in the following three types of activities:
operating, investing, and financing
Accounting Equation Assets = Liabilities + Owners' Equity
Accumulated Other Comprehensive Income The source of these increased assets
Assets Assets are the firm's economic resources, formally defined as
"probable future economic benefits obtained or controlled by
a particular entity as a result of past transactions or events
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
, Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
Balance Sheet A statement of financial position shows the financial resources
the company owns or controls and the claims on those
resources
Accounting for Decision Makers - C213 Exam Questions and Answers 100% Correct
