WGU C213 Accounting for Decision Makers
1. Accounting:ANS 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: ANS the preservation of a systematic, quantitative
record of an activity
3. accounting system: ANS 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: ANS 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-
: ANS What are the three primary financial statements?
6. External Users: ANS Who is financial accounting information primarily
prepared for and used by?
7. Managerial Accounting: ANS the name given to accounting systems
designed for internal users
8. Balance Sheet: ANS Reports a company's assets, liabilities, and
owners' equity
9. Income Statement: ANS reports the amount of net income earned by
a company during a period
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, 10.Net income: ANS the excess of a company's revenues over its
expenses
11.statement of cash flows: ANS 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: ANS Which private body establishes accounting rules in the
U.S.?
13.Financial Accounting Standards Board (FASB): ANS a private body
established and supported by the joint efforts of the U.S. business
community, financial ana- lysts, and practicing accountants
14.The Securities and Exchange Commission (SEC): ANS 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
15.American Institute of Certified Public Accountants (AICPA): ANS the
profes- sional organization of certified public accountants (CPAs) in
the United States
16.Public Company Accounting Oversight Board (PCAOB): ANS the
organization that inspects the audit practices of registered audit firms
and has statutory authority
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1. Accounting:ANS 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: ANS the preservation of a systematic, quantitative
record of an activity
3. accounting system: ANS 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: ANS 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-
: ANS What are the three primary financial statements?
6. External Users: ANS Who is financial accounting information primarily
prepared for and used by?
7. Managerial Accounting: ANS the name given to accounting systems
designed for internal users
8. Balance Sheet: ANS Reports a company's assets, liabilities, and
owners' equity
9. Income Statement: ANS reports the amount of net income earned by
a company during a period
1/
, 10.Net income: ANS the excess of a company's revenues over its
expenses
11.statement of cash flows: ANS 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: ANS Which private body establishes accounting rules in the
U.S.?
13.Financial Accounting Standards Board (FASB): ANS a private body
established and supported by the joint efforts of the U.S. business
community, financial ana- lysts, and practicing accountants
14.The Securities and Exchange Commission (SEC): ANS 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
15.American Institute of Certified Public Accountants (AICPA): ANS the
profes- sional organization of certified public accountants (CPAs) in
the United States
16.Public Company Accounting Oversight Board (PCAOB): ANS the
organization that inspects the audit practices of registered audit firms
and has statutory authority
2/
