WGU C213 Accoun ng for Decision Makers Ques ons
and answers With complete solu on New!! 2025/2026
RATED A+ 2025/2026
Accoun ng - Correct Answers the recording of the day-to-day financial ac vi es of a company
and the organiza on of that informa on into summary reports used to evaluate the company's
financial status
Bookkeeping - Correct Answers the preserva on of a systema c, quan ta ve record of an
ac vity
accoun ng system - Correct Answers used by a business to handle rou ne bookkeeping tasks
and to structure the informa on so it can be used to evaluate the performance and financial
status of the business
Accoun ng informa on - Correct Answers Info that is intended to be useful in making
decisions about the future.
The balance sheet, the income statement, and the statement of cashflows - Correct Answers
What are the three primary financial statements?
External Users - Correct Answers Who is financial accoun ng informa on primarily prepared
for and used by?
Managerial Accoun ng - Correct Answers the name given to accoun ng systems designed for
internal users
Balance Sheet - Correct Answers Reports a company's assets, liabili es, and owners' equity
, Income Statement - Correct Answers reports the amount of net income earned by a company
during a period
Net income - Correct Answers the excess of a company's revenues over its expenses
statement of cash flows - Correct Answers reports the amount of cash collected and paid out
by a company in the following three types of ac vi es: opera ng, inves ng, and financing
FASB - Correct Answers Which private body establishes accoun ng rules in the U.S.?
Financial Accoun ng Standards Board (FASB) - Correct Answers a private body established and
supported by the joint efforts of the U.S. business community, financial analysts, and prac cing
accountants
The Securi es and Exchange Commission (SEC) - Correct Answers the organiza on that
regulates U.S. stock exchanges and seeks to create a fair informa on environment in which
investors can buy and sell stocks without fear that companies are hiding or manipula ng
financial data
American Ins tute of Cer fied Public Accountants (AICPA) - Correct Answers the professional
organiza on of cer fied public accountants (CPAs) in the United States
Public Company Accoun ng Oversight Board (PCAOB) - Correct Answers the organiza on that
inspects the audit prac ces of registered audit firms and has statutory authority to inves gate
ques onable audit prac ces and to impose sanc ons such as barring an audit firm from
audi ng SEC-registered companies
Internal Revenue Service (IRS) - Correct Answers Gov't agency that establishes rules to define
exactly when income should be taxed. It has no role in se8ng financial accoun ng rules; and a
and answers With complete solu on New!! 2025/2026
RATED A+ 2025/2026
Accoun ng - Correct Answers the recording of the day-to-day financial ac vi es of a company
and the organiza on of that informa on into summary reports used to evaluate the company's
financial status
Bookkeeping - Correct Answers the preserva on of a systema c, quan ta ve record of an
ac vity
accoun ng system - Correct Answers used by a business to handle rou ne bookkeeping tasks
and to structure the informa on so it can be used to evaluate the performance and financial
status of the business
Accoun ng informa on - Correct Answers Info that is intended to be useful in making
decisions about the future.
The balance sheet, the income statement, and the statement of cashflows - Correct Answers
What are the three primary financial statements?
External Users - Correct Answers Who is financial accoun ng informa on primarily prepared
for and used by?
Managerial Accoun ng - Correct Answers the name given to accoun ng systems designed for
internal users
Balance Sheet - Correct Answers Reports a company's assets, liabili es, and owners' equity
, Income Statement - Correct Answers reports the amount of net income earned by a company
during a period
Net income - Correct Answers the excess of a company's revenues over its expenses
statement of cash flows - Correct Answers reports the amount of cash collected and paid out
by a company in the following three types of ac vi es: opera ng, inves ng, and financing
FASB - Correct Answers Which private body establishes accoun ng rules in the U.S.?
Financial Accoun ng Standards Board (FASB) - Correct Answers a private body established and
supported by the joint efforts of the U.S. business community, financial analysts, and prac cing
accountants
The Securi es and Exchange Commission (SEC) - Correct Answers the organiza on that
regulates U.S. stock exchanges and seeks to create a fair informa on environment in which
investors can buy and sell stocks without fear that companies are hiding or manipula ng
financial data
American Ins tute of Cer fied Public Accountants (AICPA) - Correct Answers the professional
organiza on of cer fied public accountants (CPAs) in the United States
Public Company Accoun ng Oversight Board (PCAOB) - Correct Answers the organiza on that
inspects the audit prac ces of registered audit firms and has statutory authority to inves gate
ques onable audit prac ces and to impose sanc ons such as barring an audit firm from
audi ng SEC-registered companies
Internal Revenue Service (IRS) - Correct Answers Gov't agency that establishes rules to define
exactly when income should be taxed. It has no role in se8ng financial accoun ng rules; and a
