WGU C213 Accounting for Decision Makers
Questions and Verified Answers, 100%
Guarantee 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
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 inspects the audit practices of registered audit firms and has statutory authority
to investigate questionable audit practices and to impose sanctions such as barring
an audit firm from auditing SEC-registered companies
17. Internal Revenue Service (IRS): Gov't agency that establishes rules to define
exactly when income should be taxed. It has no role in setting financial accounting
rules; and a company's financial statements are not used in determining how much
tax the company must pay
Questions and Verified Answers, 100%
Guarantee 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
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 inspects the audit practices of registered audit firms and has statutory authority
to investigate questionable audit practices and to impose sanctions such as barring
an audit firm from auditing SEC-registered companies
17. Internal Revenue Service (IRS): Gov't agency that establishes rules to define
exactly when income should be taxed. It has no role in setting financial accounting
rules; and a company's financial statements are not used in determining how much
tax the company must pay
