WGU C213 Accounting for Decision Makers
Questions With All Correct & Verified
Answers
1. Accounting the recording of the day-to-day financial activities of
a com- pany and the organization of that information
into summary reports used to evaluate the
company's financial status
2. Bookkeeping the preservation of a systematic, quantitative
record of an activity
3. accounting system used by a business to handle routine bookkeeping
tasks and
to structure the information so it can be used to evaluate
the performance and financial status of the business
4. Accounting information Info that is intended to be useful in making decisions
about
the future.
5. The balance sheet, the What are the three primary financial statements?
income statement, and the
statement of cashflows
6. External Users Who is financial accounting information primarily
prepared for and used by?
7. Managerial Accounting the name given to accounting systems designed for
internal users
8. Balance Sheet Reports a company's assets, liabilities, and owners'
equity
9. Income Statement reports the amount of net income earned by a
company
during a period
10. Net income the excess of a company's revenues over its expenses
1/
20
, WGU C213 Accounting for Decision Makers
Questions With All Correct & Verified
Answers
11. 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
2/
20
, WGU C213 Accounting for Decision Makers
Questions With All Correct & Verified
Answers
12. FASB Which private body establishes accounting rules in the
U.S.?
13. Financial Accounting a private body established and supported by the joint
Standards Board (FASB) ettorts of the U.S. business community, financial
analysts, and prac- ticing accountants
14. The Securities and the organization that regulates U.S. stock exchanges
Exchange Commission and seeks to create a fair information environment
(SEC) in which investors can buy and sell stocks without fear
that companies are hiding or manipulating financial
data
15. 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
16. Public Company regis- tered 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 com- panies
17. 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
18. The International Organization that was formed to develop a
Accounting Standards common set of worldwide accounting standards.
Board (IASB) Its standards are in- creasingly accepted worldwide,
3/
20
Questions With All Correct & Verified
Answers
1. Accounting the recording of the day-to-day financial activities of
a com- pany and the organization of that information
into summary reports used to evaluate the
company's financial status
2. Bookkeeping the preservation of a systematic, quantitative
record of an activity
3. accounting system used by a business to handle routine bookkeeping
tasks and
to structure the information so it can be used to evaluate
the performance and financial status of the business
4. Accounting information Info that is intended to be useful in making decisions
about
the future.
5. The balance sheet, the What are the three primary financial statements?
income statement, and the
statement of cashflows
6. External Users Who is financial accounting information primarily
prepared for and used by?
7. Managerial Accounting the name given to accounting systems designed for
internal users
8. Balance Sheet Reports a company's assets, liabilities, and owners'
equity
9. Income Statement reports the amount of net income earned by a
company
during a period
10. Net income the excess of a company's revenues over its expenses
1/
20
, WGU C213 Accounting for Decision Makers
Questions With All Correct & Verified
Answers
11. 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
2/
20
, WGU C213 Accounting for Decision Makers
Questions With All Correct & Verified
Answers
12. FASB Which private body establishes accounting rules in the
U.S.?
13. Financial Accounting a private body established and supported by the joint
Standards Board (FASB) ettorts of the U.S. business community, financial
analysts, and prac- ticing accountants
14. The Securities and the organization that regulates U.S. stock exchanges
Exchange Commission and seeks to create a fair information environment
(SEC) in which investors can buy and sell stocks without fear
that companies are hiding or manipulating financial
data
15. 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
16. Public Company regis- tered 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 com- panies
17. 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
18. The International Organization that was formed to develop a
Accounting Standards common set of worldwide accounting standards.
Board (IASB) Its standards are in- creasingly accepted worldwide,
3/
20
