WGU C213 Final Exam Accounting For Decision Makers Questions And Answers Verified Answers Updated Pdf

1. Accountinganswer 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 2. Bookkeepinganswer the preservation of a systematic, quantitative record of an activity 3. accounting systemanswer 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 4. Accounting informationanswer Info that is intended to be useful in making decisions about the future. 5. The balance sheet, the income statement, and the statement of cashflows- answer What are the three primary financial statements? 6. External Usersanswer Who is financial accounting information primarily prepared for and used by? 7. Managerial Accountinganswer the name given to accounting systems designed for internal users 8. Balance Sheetanswer Reports a company's assets, liabilities, and owners' equity 9. Income Statementanswer reports the amount of net income earned by a company during a period 10. Net incomeanswer the excess of a company's revenues over its expenses 11. statement of cash flowsanswer reports the amount of cash collected and paid out by a company in the following three types of activitiesanswer operating, investing, and financing 12. FASBanswer Which private body establishes accounting rules in the U.S.? 13. Financial Accounting Standards Board (FASB)answer a private body established and supported by the joint efforts of the U.S. business community, financial ana- lysts, and practicing accountants 14. The Securities and Exchange Commission (SEC)answer the organization that regulates U.S. stock exchanges 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 15. American Institute of Certified Public Accountants (AICPA)answer the profes- sional organization of certified public accountants (CPAs) in the United States 16. Public Company Accounting Oversight Board (PCAOB)answer the organization that inspects the audit practices of registered audit firms and has statutory authority