WGU C213 Accounting for Decision
Makers final exam questions and
verified answers 2025
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 income statement, and the statement of cashflows
What are the three primary financial statements?
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 Standards Board (FASB)
Makers final exam questions and
verified answers 2025
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 income statement, and the statement of cashflows
What are the three primary financial statements?
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 Standards Board (FASB)
