WGU C213 ACCOUNTING FOR DECISION
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, The balance sheet, the income statement, and the statement What are the three primary financial statements?
of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
statement of cash flows reports the amount of cash collected and paid out by a company in the following three
types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
Financial Accounting Standards Board (FASB) 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) 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) the professional organization of certified public accountants (CPAs) in the United States
Public Company Accounting Oversight Board (PCAOB) 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) 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
MAKERS | COMPREHENSIVE EXAM PREP,
PRACTICE QUESTIONS, CORRECT ANSWERS
AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, The balance sheet, the income statement, and the statement What are the three primary financial statements?
of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
statement of cash flows reports the amount of cash collected and paid out by a company in the following three
types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
Financial Accounting Standards Board (FASB) 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) 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) the professional organization of certified public accountants (CPAs) in the United States
Public Company Accounting Oversight Board (PCAOB) 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) 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
