WGU C213 test preparation for Accounting for Decision Makers
Exam with Questions and Verified Rationalized Answers
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1. Accounting: 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. Bookkeeping: the preservation of a systematic, quantitative record of an activity
3. accounting system: 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 information: 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-
: What are the three primary financial statements?
6. External Users: Who is financial accounting information primarily prepared for
and used by?
7. Managerial Accounting: the name given to accounting systems designed for
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, internal users
8. Balance Sheet: Reports a company's assets, liabilities, and owners' equity
9. Income Statement: reports the amount of net income earned by a company
during a period
10. Net income: the excess of a company's revenues over its expenses
11. statement of cash flows: reports the amount of cash collected and paid out by a
company in the following three types of activities: operating, investing, and financing
12. FASB: Which private body establishes accounting rules in the U.S.?
13. Financial Accounting Standards Board (FASB): a private body established and
supported by the joint efforts of the U.S. business community, financial analysts, and
practicing accountants
14. The Securities and Exchange Commission (SEC): the organization that reg-
ulates 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): the professional
organization of certified public accountants (CPAs) in the United States
16. Public Company Accounting Oversight Board (PCAOB): the organization that
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Exam with Questions and Verified Rationalized Answers
100% Guaranteed Pass
1. Accounting: 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. Bookkeeping: the preservation of a systematic, quantitative record of an activity
3. accounting system: 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 information: 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-
: What are the three primary financial statements?
6. External Users: Who is financial accounting information primarily prepared for
and used by?
7. Managerial Accounting: the name given to accounting systems designed for
1/
15
, internal users
8. Balance Sheet: Reports a company's assets, liabilities, and owners' equity
9. Income Statement: reports the amount of net income earned by a company
during a period
10. Net income: the excess of a company's revenues over its expenses
11. statement of cash flows: reports the amount of cash collected and paid out by a
company in the following three types of activities: operating, investing, and financing
12. FASB: Which private body establishes accounting rules in the U.S.?
13. Financial Accounting Standards Board (FASB): a private body established and
supported by the joint efforts of the U.S. business community, financial analysts, and
practicing accountants
14. The Securities and Exchange Commission (SEC): the organization that reg-
ulates 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): the professional
organization of certified public accountants (CPAs) in the United States
16. Public Company Accounting Oversight Board (PCAOB): the organization that
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