WGU C213 Final EXAM NEWEST 2025-2026 COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!
Accounting information 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 ANSWER- What are the three primary financial statements?
External Users - CORRECT ANSWER- Who is financial accounting information
primarily prepared for and used by?
Managerial Accounting - CORRECT ANSWER- the name given to accounting systems
designed for internal users
Balance Sheet - CORRECT ANSWER- Reports a company's assets, liabilities, and
owners' equity
Income Statement - CORRECT ANSWER- reports the amount of net income earned
by a company during a period
,Accounting - CORRECT ANSWER- 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
Bookkeeping - CORRECT ANSWER- the preservation of a systematic, quantitative
record of an activity
accounting system - CORRECT ANSWER- 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
Net income - CORRECT ANSWER- the excess of a company's revenues over its
expenses
statement of cash flows - CORRECT ANSWER- reports the amount of cash collected
and paid out by a company in the following three types of activities: operating,
investing, and financing
FASB - CORRECT ANSWER- Which private body establishes accounting rules in the
U.S.?
Financial Accounting Standards Board (FASB) - CORRECT ANSWER- a private body
established and supported by the joint efforts of the U.S. business community,
financial analysts, and practicing accountants
The Securities and Exchange Commission (SEC) - CORRECT ANSWER- 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
American Institute of Certified Public Accountants (AICPA) - CORRECT ANSWER- the
professional organization of certified public accountants (CPAs) in the United
States
Public Company Accounting Oversight Board (PCAOB) - CORRECT ANSWER- the
organization that inspects the audit practices of registered audit firms and has
statutory authority to investigate questionable audit practices and to impose
sanctions such as barring an audit firm from auditing SEC-registered companies
Internal Revenue Service (IRS) - CORRECT ANSWER- Gov't agency that establishes
rules to define exactly when income should be taxed. It has no role in setting
financial accounting rules; and a company's financial statements are not used in
determining how much tax the company must pay
The International Accounting Standards Board (IASB) - CORRECT ANSWER-
Organization that was formed to develop a common set of worldwide accounting
standards. Its standards are increasingly accepted worldwide, but FASB rules are
still the standard in the United States.
1. Rapid Advancements in the IT field
2. the international integration of worldwide business
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!
Accounting information 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 ANSWER- What are the three primary financial statements?
External Users - CORRECT ANSWER- Who is financial accounting information
primarily prepared for and used by?
Managerial Accounting - CORRECT ANSWER- the name given to accounting systems
designed for internal users
Balance Sheet - CORRECT ANSWER- Reports a company's assets, liabilities, and
owners' equity
Income Statement - CORRECT ANSWER- reports the amount of net income earned
by a company during a period
,Accounting - CORRECT ANSWER- 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
Bookkeeping - CORRECT ANSWER- the preservation of a systematic, quantitative
record of an activity
accounting system - CORRECT ANSWER- 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
Net income - CORRECT ANSWER- the excess of a company's revenues over its
expenses
statement of cash flows - CORRECT ANSWER- reports the amount of cash collected
and paid out by a company in the following three types of activities: operating,
investing, and financing
FASB - CORRECT ANSWER- Which private body establishes accounting rules in the
U.S.?
Financial Accounting Standards Board (FASB) - CORRECT ANSWER- a private body
established and supported by the joint efforts of the U.S. business community,
financial analysts, and practicing accountants
The Securities and Exchange Commission (SEC) - CORRECT ANSWER- 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
American Institute of Certified Public Accountants (AICPA) - CORRECT ANSWER- the
professional organization of certified public accountants (CPAs) in the United
States
Public Company Accounting Oversight Board (PCAOB) - CORRECT ANSWER- the
organization that inspects the audit practices of registered audit firms and has
statutory authority to investigate questionable audit practices and to impose
sanctions such as barring an audit firm from auditing SEC-registered companies
Internal Revenue Service (IRS) - CORRECT ANSWER- Gov't agency that establishes
rules to define exactly when income should be taxed. It has no role in setting
financial accounting rules; and a company's financial statements are not used in
determining how much tax the company must pay
The International Accounting Standards Board (IASB) - CORRECT ANSWER-
Organization that was formed to develop a common set of worldwide accounting
standards. Its standards are increasingly accepted worldwide, but FASB rules are
still the standard in the United States.
1. Rapid Advancements in the IT field
2. the international integration of worldwide business
