11/30/24, 9:16 PM WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2 LATEST VERSIONS 2023-2024 ACTUAL EXAM 50 QUESTIONS AND …
WGU MBA PROGRAM C213 ACCOUNTING OA
EXAM 2 LATEST VERSIONS 2023-2024 ACTUAL
EXAM 50 QUESTIONS AND CORRECT DETAILED
ANSWERS
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Terms in this set (49)
Recording of day-to-day financial activities of a
company and the organization of that information into
Accounting
summary reports used to evaluate the companies
financial status.
Three primary financial 1) The Balance Sheet
statements in financial 2) The Income Statement
accounting 3) The Statement of Cash Flows
A financial statement that reports assets, liabilities, and
Balance Sheet
owner's equity on a specific date.
https://quizlet.com/977872434/wgu-mba-program-c213-accounting-oa-exam-2-latest-versions-2023-2024-actual-exam-50-questions-and-correct-detail… 1/6
, 11/30/24, 9:16 PM WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2 LATEST VERSIONS 2023-2024 ACTUAL EXAM 50 QUESTIONS AND …
A financial statement showing the revenue and
expenses for a fiscal period. A company's expenses
Income Statement
are subtracted from its revenues in computing net
income.
the amount of cash collected and paid out by a
Statement of Cash Flows company in the following three types of activities,
operating, investing, and financing.
Lenders, investors, company management, suppliers,
Financial Accounting
customers, employees, competitors, government
Users
agencies, politicians and the press.
FASB (Financial A private body that sets the accounting standards in
Accounting Standards the United States.
Board)
SEC Securities and Regulates US stock exchanges
Exchange Commission
AICPA (American Institute Professional organization of certified public
of Certified Public accountants in the US.
Accountants)
Three factors that make 1) Globalization of Accounting Standards
right now a time of 2) Information Technology
significant change in 3) Accounting scandals including the 2001 Sarbanes-
accounting are: Oxley Act.
Increase the amount of financial information about a
Financial Statements company to attract investors, lenders and other
parties interested in the companies financial status.
A report that shows the company's financial position
at a specified point in time and lists the company's
The Balance Sheet
resources (assets), obligations (liabilities), and net
ownership interest (owner's equity).
Provide information on the accounting assumptions
Notes to the Financial used in preparing the statements and also provide
Statement supplemental information not included in the
statements themselves.
https://quizlet.com/977872434/wgu-mba-program-c213-accounting-oa-exam-2-latest-versions-2023-2024-actual-exam-50-questions-and-correct-detail… 2/6
WGU MBA PROGRAM C213 ACCOUNTING OA
EXAM 2 LATEST VERSIONS 2023-2024 ACTUAL
EXAM 50 QUESTIONS AND CORRECT DETAILED
ANSWERS
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (49)
Recording of day-to-day financial activities of a
company and the organization of that information into
Accounting
summary reports used to evaluate the companies
financial status.
Three primary financial 1) The Balance Sheet
statements in financial 2) The Income Statement
accounting 3) The Statement of Cash Flows
A financial statement that reports assets, liabilities, and
Balance Sheet
owner's equity on a specific date.
https://quizlet.com/977872434/wgu-mba-program-c213-accounting-oa-exam-2-latest-versions-2023-2024-actual-exam-50-questions-and-correct-detail… 1/6
, 11/30/24, 9:16 PM WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2 LATEST VERSIONS 2023-2024 ACTUAL EXAM 50 QUESTIONS AND …
A financial statement showing the revenue and
expenses for a fiscal period. A company's expenses
Income Statement
are subtracted from its revenues in computing net
income.
the amount of cash collected and paid out by a
Statement of Cash Flows company in the following three types of activities,
operating, investing, and financing.
Lenders, investors, company management, suppliers,
Financial Accounting
customers, employees, competitors, government
Users
agencies, politicians and the press.
FASB (Financial A private body that sets the accounting standards in
Accounting Standards the United States.
Board)
SEC Securities and Regulates US stock exchanges
Exchange Commission
AICPA (American Institute Professional organization of certified public
of Certified Public accountants in the US.
Accountants)
Three factors that make 1) Globalization of Accounting Standards
right now a time of 2) Information Technology
significant change in 3) Accounting scandals including the 2001 Sarbanes-
accounting are: Oxley Act.
Increase the amount of financial information about a
Financial Statements company to attract investors, lenders and other
parties interested in the companies financial status.
A report that shows the company's financial position
at a specified point in time and lists the company's
The Balance Sheet
resources (assets), obligations (liabilities), and net
ownership interest (owner's equity).
Provide information on the accounting assumptions
Notes to the Financial used in preparing the statements and also provide
Statement supplemental information not included in the
statements themselves.
https://quizlet.com/977872434/wgu-mba-program-c213-accounting-oa-exam-2-latest-versions-2023-2024-actual-exam-50-questions-and-correct-detail… 2/6
