WGU C213 Accounting for Decision Makers/
Exam Questions with Certified Solutions.
Terms in this set (82)
Accounting the recording of the day-to-day financial activities of a
company and the organization of that information into
summary reports used to evaluate the company's financial
status
Bookkeeping the preservation of a systematic, quantitative record of an
activity
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
Accounting information Info that is intended to be useful in making decisions about the
future.
The balance sheet, the What are the three primary financial statements?
income statement, and the
statement 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 a private body established and supported by the joint
Standards Board (FASB) efforts of the U.S. business community, financial analysts,
and practicing accountants
The Securities and the organization that regulates U.S. stock exchanges and
Exchange Commission seeks to create a fair information environment in which
investors can buy and sell stocks without fear that companies
(SEC)
are hiding or manipulating financial data
American Institute of the professional organization of certified public accountants (CPAs)
Certified Public in the United States
Accountants (AICPA)
Public Company the organization that inspects the audit practices of
Accounting Oversight registered audit firms and has statutory authority to
investigate questionable audit practices and to impose
Board (PCAOB)
sanctions such as barring an audit firm from auditing SEC-
registered companies
Internal Revenue Service Gov't agency that establishes rules to define exactly when
(IRS) 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
The International Organization that was formed to develop a common set of
worldwide accounting standards. Its standards are
Accounting Standards
increasingly accepted worldwide, but FASB rules are still
Board (IASB) the standard in the United States.
Exam Questions with Certified Solutions.
Terms in this set (82)
Accounting the recording of the day-to-day financial activities of a
company and the organization of that information into
summary reports used to evaluate the company's financial
status
Bookkeeping the preservation of a systematic, quantitative record of an
activity
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
Accounting information Info that is intended to be useful in making decisions about the
future.
The balance sheet, the What are the three primary financial statements?
income statement, and the
statement 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 a private body established and supported by the joint
Standards Board (FASB) efforts of the U.S. business community, financial analysts,
and practicing accountants
The Securities and the organization that regulates U.S. stock exchanges and
Exchange Commission seeks to create a fair information environment in which
investors can buy and sell stocks without fear that companies
(SEC)
are hiding or manipulating financial data
American Institute of the professional organization of certified public accountants (CPAs)
Certified Public in the United States
Accountants (AICPA)
Public Company the organization that inspects the audit practices of
Accounting Oversight registered audit firms and has statutory authority to
investigate questionable audit practices and to impose
Board (PCAOB)
sanctions such as barring an audit firm from auditing SEC-
registered companies
Internal Revenue Service Gov't agency that establishes rules to define exactly when
(IRS) 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
The International Organization that was formed to develop a common set of
worldwide accounting standards. Its standards are
Accounting Standards
increasingly accepted worldwide, but FASB rules are still
Board (IASB) the standard in the United States.
