Accounting for decision makers C213 WGU
1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. - Answer- Accounting steps. Inside, Internal - Answer- Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. - Answer- True or false, managerial accounting uses BOTH managerial and financial accounting? Outside, External, includes lenders and investors - Answer- Financial is inside or outside the business? Balance sheet, income statement, and statement of cash flows - Answer- The financial statement includes what 3 documents Balance Sheet - Answer- Point in time, Assets (resources) and liabilities (obligations) Income Statement - Answer- Period of time (usually 1 year), amount of profit made Statement of Cash flows - Answer- Period of time, where money came from, and where it went. Inflow and outflow of cash (Cash Flows). Change in money for the period. Balance sheet equation - Answer- Assets= liabilities + equity Revenue equation - Answer- Net income=Revenue - Expenses Operating, investing, and financial activities - Answer- The statement of cash flows includes what three activities FASB: Financial accounting standards. Private, no government involvement. It is a public process, includes individuals experienced in business and accounting (7 members). - Answer- The decision makers in the U.S. (accounting rules)
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