2/28/25, 6:32 AM WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS 2025 update|comprehensive questions and verified answer…
WGU C213 Final Exam: ACCOUNTING FOR
DECISION MAKERS 2025
update|comprehensive questions and verified
answers (complete solutions) Exam|GRADE A+!!
Save
Terms in this set (143)
the recording of the day-to-day financial activities
of a company and the organization of that
Accounting
information into summary reports used to evaluate
the company's financial status
the preservation of a systematic, quantitative record
Bookkeeping
of an activity
used by a business to handle routine bookkeeping
tasks and to structure the information so it can be
accounting system
used to evaluate the performance and financial
status of the business
Info that is intended to be useful in making decisions
Accounting information
about the future.
The balance sheet, the What are the three primary financial statements?
income statement, and
the statement of
cashflows
Who is financial accounting information primarily
External Users
prepared for and used by?
the name given to accounting systems designed for
Managerial Accounting
internal users
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 1/27
,2/28/25, 6:32 AM WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS 2025 update|comprehensive questions and verified answer…
Reports a company's assets, liabilities, and owners'
Balance Sheet
equity
reports the amount of net income earned by a
Income Statement
company during a period
the excess of a company's revenues over its
Net income
expenses
reports the amount of cash collected and paid out
statement of cash flows by a company in the following three types of
activities: operating, investing, and financing
Which private body establishes accounting rules in
FASB
the U.S.?
a private body established and supported by the
Financial Accounting
joint efforts of the U.S. business community, financial
Standards Board (FASB)
analysts, and practicing accountants
the organization that regulates U.S. stock exchanges
The Securities and and seeks to create a fair information environment in
Exchange Commission which investors can buy and sell stocks without fear
(SEC) that companies are hiding or manipulating financial
data
American Institute of the professional organization of certified public
Certified Public accountants (CPAs) in the United States
Accountants (AICPA)
the organization that inspects the audit practices of
Public Company registered audit firms and has statutory authority to
Accounting Oversight investigate questionable audit practices and to
Board (PCAOB) impose sanctions such as barring an audit firm from
auditing SEC-registered companies
Gov't agency that establishes rules to define exactly
when income should be taxed. It has no role in
Internal Revenue Service
setting financial accounting rules; and a company's
(IRS)
financial statements are not used in determining
how much tax the company must pay
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 2/27
, 2/28/25, 6:32 AM WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS 2025 update|comprehensive questions and verified answer…
Organization that was formed to develop a common
The International
set of worldwide accounting standards. Its
Accounting Standards
standards are increasingly accepted worldwide, but
Board (IASB)
FASB rules are still the standard in the United States.
1. Rapid Advancements in Which 3 factors have combined to make right now a
the IT field time of significant change in accounting?
2. the international
integration of worldwide
business
3. Increased scrutiny
associated with large
corporate accounting
scandals
A wave of accounting scandals starting in 2001
resulted in this act, which increases U.S. federal
Sarbanes-Oxley Act
government scrutiny of the production of financial
statements.
reports a company's financial position at a specified
point in time and lists the company's resources
Balance Sheet
(assets), obligations (liabilities), and net ownership
interest (owners' equity).
probable future economic benefits obtained or
Assets controlled by a company as a result of past
transactions or events
probable future sacrifices of economic benefits
arising from present obligations of a company to
Liabilities
transfer assets or provide services in the future as a
result of past transactions or events
the residual interest in the assets of a company that
Owners' equity
remains after deducting its liabilities
Assets = Liabilities + What is the accounting equation?
Owners' Equity
In what order are assets typically listed on the
By order of liquidity
balance sheet?
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 3/27
WGU C213 Final Exam: ACCOUNTING FOR
DECISION MAKERS 2025
update|comprehensive questions and verified
answers (complete solutions) Exam|GRADE A+!!
Save
Terms in this set (143)
the recording of the day-to-day financial activities
of a company and the organization of that
Accounting
information into summary reports used to evaluate
the company's financial status
the preservation of a systematic, quantitative record
Bookkeeping
of an activity
used by a business to handle routine bookkeeping
tasks and to structure the information so it can be
accounting system
used to evaluate the performance and financial
status of the business
Info that is intended to be useful in making decisions
Accounting information
about the future.
The balance sheet, the What are the three primary financial statements?
income statement, and
the statement of
cashflows
Who is financial accounting information primarily
External Users
prepared for and used by?
the name given to accounting systems designed for
Managerial Accounting
internal users
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 1/27
,2/28/25, 6:32 AM WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS 2025 update|comprehensive questions and verified answer…
Reports a company's assets, liabilities, and owners'
Balance Sheet
equity
reports the amount of net income earned by a
Income Statement
company during a period
the excess of a company's revenues over its
Net income
expenses
reports the amount of cash collected and paid out
statement of cash flows by a company in the following three types of
activities: operating, investing, and financing
Which private body establishes accounting rules in
FASB
the U.S.?
a private body established and supported by the
Financial Accounting
joint efforts of the U.S. business community, financial
Standards Board (FASB)
analysts, and practicing accountants
the organization that regulates U.S. stock exchanges
The Securities and and seeks to create a fair information environment in
Exchange Commission which investors can buy and sell stocks without fear
(SEC) that companies are hiding or manipulating financial
data
American Institute of the professional organization of certified public
Certified Public accountants (CPAs) in the United States
Accountants (AICPA)
the organization that inspects the audit practices of
Public Company registered audit firms and has statutory authority to
Accounting Oversight investigate questionable audit practices and to
Board (PCAOB) impose sanctions such as barring an audit firm from
auditing SEC-registered companies
Gov't agency that establishes rules to define exactly
when income should be taxed. It has no role in
Internal Revenue Service
setting financial accounting rules; and a company's
(IRS)
financial statements are not used in determining
how much tax the company must pay
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 2/27
, 2/28/25, 6:32 AM WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS 2025 update|comprehensive questions and verified answer…
Organization that was formed to develop a common
The International
set of worldwide accounting standards. Its
Accounting Standards
standards are increasingly accepted worldwide, but
Board (IASB)
FASB rules are still the standard in the United States.
1. Rapid Advancements in Which 3 factors have combined to make right now a
the IT field time of significant change in accounting?
2. the international
integration of worldwide
business
3. Increased scrutiny
associated with large
corporate accounting
scandals
A wave of accounting scandals starting in 2001
resulted in this act, which increases U.S. federal
Sarbanes-Oxley Act
government scrutiny of the production of financial
statements.
reports a company's financial position at a specified
point in time and lists the company's resources
Balance Sheet
(assets), obligations (liabilities), and net ownership
interest (owners' equity).
probable future economic benefits obtained or
Assets controlled by a company as a result of past
transactions or events
probable future sacrifices of economic benefits
arising from present obligations of a company to
Liabilities
transfer assets or provide services in the future as a
result of past transactions or events
the residual interest in the assets of a company that
Owners' equity
remains after deducting its liabilities
Assets = Liabilities + What is the accounting equation?
Owners' Equity
In what order are assets typically listed on the
By order of liquidity
balance sheet?
https://quizlet.com/1012030563/wgu-c213-final-exam-accounting-for-decision-makers-2025-updatecomprehensive-questions-and-verified-answe… 3/27
