C213 Accounting for Decision Makers WGU Exam Questions with 100% verified Answers | Already passed|Graded A+

Describe the purpose of accounting. - Accounting is the recording of day-to-day financial activities and the organization of information into a summary of reports that evaluate the company's financial status. Which financial statements are used in financial accounting? - 1. Balance Sheet 2. Income Statement 3. Statement of Cash Flows Who are the "users" of financial statements? - Lenders, Investors, Management, Suppliers, Customers, Employees, Competitors, Government Agencies, and the Press. Identify US accounting rules and standards board. - FASB=Financial Accounting Standards Board 7 key members GAAP=Generally Accepted Accounting Principles Not a government agency Private group Started in 1973 What are some of the accredited organizations? - SEC=Securities and Exchange Commission AICPA=American Institute of CPA's PCAOB=Public Company Acctg. Oversight Board IRS=Internal Revenue Service IASB=International Acctg. Standards Board What are the current trends that are causing major changes in the field of accounting? - *Rapid advance in information Technology *International integrations of worldwide businesses