WGU C213 Final Exam Accounting for Decision Makers Questions
With Verified Answers 2024
Managerial Accounting - ANSWER-The name given to accounting systems
designed for internal users.
Public Company Accounting Oversight Board (PCAOB) - ANSWER-A private,
non-profit organization that effectively serves as an arm of the SEC in
registering, inspecting, and disciplining the auditors of all publicly traded
companies.
Statement of Cash Flows - ANSWER-This document reports the amount of
cash collected and paid out by a company in the following three types of
activities: operating, investing, and financing.
Accounting Equation - ANSWER-Assets = Liabilities + Owners' Equity
Accumulated Other Comprehensive Income - ANSWER-The source of these
increased assets
,Assets - ANSWER-Assets are the firm's economic resources, formally
defined as "probable future economic benefits obtained or controlled by a
particular entity as a result of past transactions or events
What does accounting focus on? - ANSWER-The impact a business's
activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time? -
ANSWER-Statement of cash flows
Which users would have a primary concern with an organization's ability
to provide healthcare benefits? - ANSWER-Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)? - ANSWER-An increase in its comparability
to other companies
Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company? - ANSWER-The
Public Company Accounting Oversight Board (PCAOB)
,What has had the most significant impact on accounting practices? -
ANSWER-Information technology
Accounting - ANSWER-A system of providing "quantitative information,
primarily financial in nature, about economic entities that is intended to
be useful in making economic decisions."
Balance Sheet - ANSWER-Document which reports the resources of a
company (the assets), the company's obligations (the liabilities), and the
owners' equity, which represents how much money has been invested in
the company by its owners.
American Institute of Certified Public Accountants (AICPA) - ANSWER-The
professional organization of certified public accountants in the United
States.
Bookkeeping - ANSWER-The preservation of a systematic, quantitative
record of an activity.
, Certified Public Accountant - ANSWER-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 - ANSWER-The name given to accounting information
provided for and used by external users.
Financial Accounting Standards Board (FASB) - ANSWER-Private, non-
profit body that sets accounting standards in the United States.
Financial Statements - ANSWER-The three primary financial information
documents: the balance sheet, income statement, and statement of cash
flows.
Income Statement - ANSWER-This document reports the amount of net
income earned by a company during a period, with annual and quarterly
income statements being the most common.
Internal Revenue Service (IRS) - ANSWER-The government agency
responsible for tax collection and tax law enforcement.
With Verified Answers 2024
Managerial Accounting - ANSWER-The name given to accounting systems
designed for internal users.
Public Company Accounting Oversight Board (PCAOB) - ANSWER-A private,
non-profit organization that effectively serves as an arm of the SEC in
registering, inspecting, and disciplining the auditors of all publicly traded
companies.
Statement of Cash Flows - ANSWER-This document reports the amount of
cash collected and paid out by a company in the following three types of
activities: operating, investing, and financing.
Accounting Equation - ANSWER-Assets = Liabilities + Owners' Equity
Accumulated Other Comprehensive Income - ANSWER-The source of these
increased assets
,Assets - ANSWER-Assets are the firm's economic resources, formally
defined as "probable future economic benefits obtained or controlled by a
particular entity as a result of past transactions or events
What does accounting focus on? - ANSWER-The impact a business's
activities have on its overall financial performance
Which report summarizes cash collections and cash expenditures from
operating, investing, and financing activities over a period of time? -
ANSWER-Statement of cash flows
Which users would have a primary concern with an organization's ability
to provide healthcare benefits? - ANSWER-Employees
Which benefit does a corporation gain by following Generally Accepted
Accounting Principles (GAAP)? - ANSWER-An increase in its comparability
to other companies
Which body regulates a certified public accounting firm's audit practices
when the firm is auditing a large publicly traded company? - ANSWER-The
Public Company Accounting Oversight Board (PCAOB)
,What has had the most significant impact on accounting practices? -
ANSWER-Information technology
Accounting - ANSWER-A system of providing "quantitative information,
primarily financial in nature, about economic entities that is intended to
be useful in making economic decisions."
Balance Sheet - ANSWER-Document which reports the resources of a
company (the assets), the company's obligations (the liabilities), and the
owners' equity, which represents how much money has been invested in
the company by its owners.
American Institute of Certified Public Accountants (AICPA) - ANSWER-The
professional organization of certified public accountants in the United
States.
Bookkeeping - ANSWER-The preservation of a systematic, quantitative
record of an activity.
, Certified Public Accountant - ANSWER-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 - ANSWER-The name given to accounting information
provided for and used by external users.
Financial Accounting Standards Board (FASB) - ANSWER-Private, non-
profit body that sets accounting standards in the United States.
Financial Statements - ANSWER-The three primary financial information
documents: the balance sheet, income statement, and statement of cash
flows.
Income Statement - ANSWER-This document reports the amount of net
income earned by a company during a period, with annual and quarterly
income statements being the most common.
Internal Revenue Service (IRS) - ANSWER-The government agency
responsible for tax collection and tax law enforcement.
