WGU C213 PRE ASSESSMENT | ACCOUNTING
FOR DECISION MAKERS | PASSED ATTEMPT 1 |
2026 UPDATE | QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTION
Accounting - ANSWERS-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 - ANSWERS-the preservation of a systematic, quantitative
record of an activity
accounting system - ANSWERS-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 - ANSWERS-Info that is intended to be useful in
making decisions about the future.
The balance sheet, the income statement, and the statement of cashflows -
ANSWERS-What are the three primary financial statements?
statement of cash flows - ANSWERS-reports the amount of cash collected
and paid out by a company in the following three types of activities:
operating, investing, and financing
FASB - ANSWERS-Which private body establishes accounting rules in the
U.S.?
, Financial Accounting Standards Board (FASB) - ANSWERS-a private body
established and supported by the joint efforts of the U.S. business
community, financial analysts, and practicing accountants
The Securities and Exchange Commission (SEC) - ANSWERS-the organization
that regulates U.S. stock exchanges and seeks to create a fair information
environment in which investors can buy and sell stocks without fear that
companies are hiding or manipulating financial data
American Institute of Certified Public Accountants (AICPA) - ANSWERS-the
professional organization of certified public accountants (CPAs) in the United
States
Public Company Accounting Oversight Board (PCAOB) - ANSWERS-the
organization that inspects the audit practices of registered audit firms and
has statutory authority to investigate questionable audit practices and to
impose sanctions such as barring an audit firm from auditing SEC-registered
companies
Internal Revenue Service (IRS) - ANSWERS-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
The International Accounting Standards Board (IASB) - ANSWERS-
Organization that was formed to develop a common set of worldwide
accounting standards. Its standards are increasingly accepted worldwide, but
FASB rules are still the standard in the United States.
1. Rapid Advancements in the IT field
2. the international integration of worldwide business
FOR DECISION MAKERS | PASSED ATTEMPT 1 |
2026 UPDATE | QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTION
Accounting - ANSWERS-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 - ANSWERS-the preservation of a systematic, quantitative
record of an activity
accounting system - ANSWERS-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 - ANSWERS-Info that is intended to be useful in
making decisions about the future.
The balance sheet, the income statement, and the statement of cashflows -
ANSWERS-What are the three primary financial statements?
statement of cash flows - ANSWERS-reports the amount of cash collected
and paid out by a company in the following three types of activities:
operating, investing, and financing
FASB - ANSWERS-Which private body establishes accounting rules in the
U.S.?
, Financial Accounting Standards Board (FASB) - ANSWERS-a private body
established and supported by the joint efforts of the U.S. business
community, financial analysts, and practicing accountants
The Securities and Exchange Commission (SEC) - ANSWERS-the organization
that regulates U.S. stock exchanges and seeks to create a fair information
environment in which investors can buy and sell stocks without fear that
companies are hiding or manipulating financial data
American Institute of Certified Public Accountants (AICPA) - ANSWERS-the
professional organization of certified public accountants (CPAs) in the United
States
Public Company Accounting Oversight Board (PCAOB) - ANSWERS-the
organization that inspects the audit practices of registered audit firms and
has statutory authority to investigate questionable audit practices and to
impose sanctions such as barring an audit firm from auditing SEC-registered
companies
Internal Revenue Service (IRS) - ANSWERS-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
The International Accounting Standards Board (IASB) - ANSWERS-
Organization that was formed to develop a common set of worldwide
accounting standards. Its standards are increasingly accepted worldwide, but
FASB rules are still the standard in the United States.
1. Rapid Advancements in the IT field
2. the international integration of worldwide business
