WGU C213 Study guides, Class notes & Summaries

WGU C213 PRE ASSESSMENT AND OBJECTIVE ASSESSMENT EXAM 2024 | ACCURATE AND VERIFIED QUESTIONS WITH DETAILED ANSWERS | LATEST UPDATE | GUARANTEED PASS

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Accounting for decision makers C213 WGU1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. - correct answer Accounting steps. Inside, Internal - correct answer Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. - correct answer True or false, managerial accounting uses BOTH managerial and financial accounting? Outside, External, includes lenders and investors - corre...

Accounting for decision makers C213The impact a business's activities have on its overall financial performance - correct answer What does accounting focus on? Statement of cash flows - correct answer Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? Employees - correct answer Which users would have a primary concern with an organization's ability to provide healthcare benefits? An increase i...

Accounting for Decision Makers - C213 Pre AssessmentWhich of the following is the most correct definition of accounting? - correct answer A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? - correct answer The information relates to future time periods. Which is NOT a key component of the definition of accounting? - correc...

C213 Accounting for Decision Makers-2 WGU Understanding of a business increases as one associates the individual asset, liability, and equity accounts with the underlying business activities that give rise to them. T/F - correct answer True Assets and liabilities are generally classified as _______________ or _________ __________. - correct answer current or long term. Current Asset - correct answer one that is expected to be used within one year of the balance sheet date. Long t...

C213 Accounting for Decision MakersWhat are the three primary financial statements? - correct answer Balance Sheet, Income Statement, Statement of Cash Flows US Accounting Rules are established by... - correct answer FASB Three factors making drastic changes in accounting now... - correct answer Information Technology; International Integration of Worldwide Business; Increased scrutiny associated with large corporate scandals Define bookkeeping - correct answer preservation of a...

C213 Accounting for Decision Makers WGUBalance Sheet - correct answer financial position of company at a moment in time Income Statement - correct answer Financial performance of the company over a period of time Statement of cash flows - correct answer cash receipts and disbursements of company over a period of time Lender - correct answer Predict ability to repay loans Investors - correct answer Predict future earnings and dividends Suppliers & Customers - correct ans...

C213 Accounting for Decision Makers (VAC2 Terms) "Other Assets" Long-term assets that are not suitable for reporting under any of the previous classifications Accounting A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." Accounting Equation Assets = Liabilities + Owners' Equity Accounts Payable The flip side of accounts receivable—when one company sells on ...

C213 Accounting WGU Chapter 4Which of the following is generally considered to be a liability? - correct answer Notes Payable Which of the following accounts is NOT an asset account? - correct answer Accounts Payable Which of the following usually is NOT considered to be an owners' equity account? - correct answer Inventory If a corporation has total assets of $350,000, total liabilities of $150,000, and retained earnings of $100,000, what is the amount of capital stock? - correc...

C213 Accounting WGUAccounting - correct answer a system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions" AICPA - correct answer American Institute of Certified Public Accountants-the professional organization of certified public accountants in the united states Balance Sheet - correct answer document which reports the resources of a company (assets), the company's obligations ...

C213 Chapter 1Accounting - correct answer A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." Accounting Equation - correct answer Assets = Liabilities + Owner's Equity American Institute of Certified Public Accountants (AICPA) - correct answer The professional organization of certified public accountants in the United States. Balance Sheet - correct answer Documen...