WGU C213 UPDATED FINAL EXAM 2025/2026
ACCOUNTING FOR DECISION MAKERS
WESTERN GOVERNORS UNIVERSITY
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
Accounting
the preservation of a systematic, quantitative record of an activity
Bookkeeping
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
accounting system
Info that is intended to be useful in making decisions about the future.
Accounting information
What are the three primary financial statements?
The balance sheet, the income statement, and the statement of cashflows
,Who is financial accounting information primarily prepared for and used by?
External Users
the name given to accounting systems designed for internal users
Managerial Accounting
Reports a company's assets, liabilities, and owners' equity
Balance Sheet
reports the amount of net income earned by a company during a period
Income Statement
the excess of a company's revenues over its expenses
Net income
, reports the amount of cash collected and paid out by a company in the following three types of
activities: operating, investing, and financing
statement of cash flows
Which private body establishes accounting rules in the U.S.?
FASB
a private body established and supported by the joint efforts of the U.S. business community,
financial analysts, and practicing accountants
Financial Accounting Standards Board (FASB)
the organization that regulates 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
The Securities and Exchange Commission (SEC)
the professional organization of certified public accountants (CPAs) in the United States
American Institute of Certified Public Accountants (AICPA)
ACCOUNTING FOR DECISION MAKERS
WESTERN GOVERNORS UNIVERSITY
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
Accounting
the preservation of a systematic, quantitative record of an activity
Bookkeeping
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
accounting system
Info that is intended to be useful in making decisions about the future.
Accounting information
What are the three primary financial statements?
The balance sheet, the income statement, and the statement of cashflows
,Who is financial accounting information primarily prepared for and used by?
External Users
the name given to accounting systems designed for internal users
Managerial Accounting
Reports a company's assets, liabilities, and owners' equity
Balance Sheet
reports the amount of net income earned by a company during a period
Income Statement
the excess of a company's revenues over its expenses
Net income
, reports the amount of cash collected and paid out by a company in the following three types of
activities: operating, investing, and financing
statement of cash flows
Which private body establishes accounting rules in the U.S.?
FASB
a private body established and supported by the joint efforts of the U.S. business community,
financial analysts, and practicing accountants
Financial Accounting Standards Board (FASB)
the organization that regulates 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
The Securities and Exchange Commission (SEC)
the professional organization of certified public accountants (CPAs) in the United States
American Institute of Certified Public Accountants (AICPA)
