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 kz kz kz kz kz kz kz kz kz kz kz kz




organization of that information into summary reports used to evaluate the company's
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financial status
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2. Bookkeeping:thepreservationofasystematic,quantitativerecordofanactivity z
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3. accounting system: used by a business to handle routine bookkeeping tasks and to
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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 isintended to be usefulinmaking decisions about
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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 isfinancial accounting information primarily prepared for and
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used by?
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, 7. ManagerialAccounting:thenamegivento accountingsystemsdesignedfor kz z
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internal users
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8. Balance Sheet:Reports a company's assets, liabilities, and owners' equity kz z
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9. Income Statement:reports the amount of net income earned by a companykz z
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during a period
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10. Netincome:the excessofa company's revenuesover its expenses
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11. statementofcashflows:reportstheamountofcashcollectedandpaidoutbya z
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companyinthefollowingthreetypesofactivities:operating,investing,andfinancing
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12. FASB:Which private body establishes accounting rules in the U.S.? z
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13. Financial Accounting Standards Board (FASB): a private body established and kz kz kz kz kz kz kz kz kz




supportedbythejointeffortsoftheU.S.businesscommunity,financialanalysts, and
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practicing accountants
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14. TheSecuritiesandExchangeCommission(SEC):theorganizationthatreg-
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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 z
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organization of certified public accountants (CPAs) in the United States
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16. Public Company Accounting Oversight Board (PCAOB): the organization that kz kz kz kz kz kz kz kz




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 kz kz kz z
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exactly when income should be taxed.It has no role in setting financial accounting rules;
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and a company's financial statements are not used in determining how much tax the
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company must pay
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