WGU C213 Accounting for Decision Makers Questions and Verified Answers, 100% Guarantee Pass

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
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company's financial status
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2. Bookkeeping:the preservation ofa 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
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status of the business
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4. Accounting information:Info that is intended to be useful in making decisions ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




about the future.
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5. The balance sheet,the income statement,and the statement of cashflows-
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:What are the three primary financial statements?
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6. External Users:Who is financial accounting information primarily prepared for and
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used by?
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, 7. Managerial Accounting:the name given to accounting systems designed for ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




internal users
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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
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10. Net income:the excess of a company's revenues over its expenses
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11. statementofcashflows:reportstheamountofcashcollectedandpaidoutbya ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




companyinthefollowingthreetypesofactivities:operating,investing,andfinancing
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12. FASB:Which private body establishes accounting rules in the U.S.? ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




13. Financial Accounting Standards Board (FASB): a private body established and ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




supportedbythejointeffortsoftheU.S.businesscommunity,financialanalysts, and
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practicing accountants
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14. The Securities andExchange Commission(SEC):the organization thatreg-
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ulates U.S.stock exchanges and seeks to create a fair information environment in
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which investors can buy and sell stocks without fear that companies are hiding or
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manipulating financial data
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15. AmericanInstituteofCertifiedPublicAccountants(AICPA):theprofessional ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




organization of certified public accountants (CPAs) in the United States
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16. Public Company Accounting Oversight Board (PCAOB): the organization that ,/ ,/ ,/ ,/ ,/ ,/ ,/ ,/




inspectstheauditpracticesofregisteredauditfirmsandhasstatutoryauthority to
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investigatequestionableauditpracticesandtoimposesanctionssuchasbarring an audit
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firm from auditing SEC-registered companies
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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
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rules; and a company's financial statements are not used in determining how much tax
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the company must pay
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