WGU C213 - Accounting for MBA Topic 1, Exam Review, Easy Mastery, graded A+ 2024

Accounting - -A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." -NUMBER : quantitative *STRENGTH because numbers can be easily tabulated and summarized. * WEAKNESS because some important business events, such as a toxic waste spill & the associated lawsuits and countersuits, cannot be easily described by one or two numbers. - A financial dimension: The status & performance of a business is affected by & reflected in many dimensions—financial, personal relationships, community & environmental impact, & public image. Accounting focuses on just the financial dimension. - Usefulness: However, in spite of its theoretical beauty, accounting exists only because it is useful. - Future decisions based on past information American Institute of Certified Public Accountants (AICPA) - -= professional organization of certified public accountants in the United . -provides continuing educational service to its members and also acts as a political voice to lobby on behalf of its membership - responsible for preparing and grading the CPA examination in addition to maintaining the integrity of the accounting profession through its Code of Professional Conduct. - CPA firms are also hired to perform independent audits of a company's financial statements.