C213 Accounting WGU study guide latest edition

Accounting - a system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions" AICPA - American Institute of Certified Public Accountants-the professional organization of certified public accountants in the united states Balance Sheet - document which reports the resources of a company (assets), the company's obligations (liabilities), and the owner's equity, which represents how much money has been invested in the company by its owners. Bookkeeping - The preservation of a systematic, quantitative record of an activity CPA - Certified Public Accountant-a person who has taken a minimum number of college level accounting classes, has passed the dreaded CPA exam, and has met other requirements set by his or her state. Financial Accounting - the name given to accounting information provided for and used by exte