WGU C213 Accounting for Decision Makers Q&A Bundle

The impact a business's activities have on its overall financial performance What does accounting focus on? Statement of cash flows Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? Employees Which users w...

Which of the following is the most correct definition of accounting? A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? The informa...

Accounting Equation Assets = Liabilities + Owners' Equity Accumulated Other Comprehensive Income The source of these increased assets Assets Are the firm's economic resources, formally defined as "probable future economic benefits obtained or controlled by a particular entity as a result of...

Bookkeeping is the preservation of a systematic, quantitative record of an activity Accounting A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." The key features of this definit...

Which of the following is generally considered to be a liability? Notes Payable Which of the following accounts is NOT an asset account? Accounts Payable Which of the following usually is NOT considered to be an owners' equity account? Inventory If a corporation has total assets of $350,00...

The emphasis in financial accounting is on which of the following external user groups? Investors and creditors The primary internal group that uses accounting information is? Management Internal reports are generally used by? Management Which of the following is NOT an external user of fin...

Understanding of a business increases as one associates the individual asset, liability, and equity accounts with the underlying business activities that give rise to them. T/F True Assets and liabilities are generally classified as _______________ or _________ __________. current or long term. ...

purpose of accounting Accounting is 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 is a part of accounting. Bookkeeping refers to the process of recording t...

Accounting A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." -NUMBER : quantitative *STRENGTH because numbers can be easily tabulated and summarized. * WEAKNESS because some impo...

Balance Sheet A statement of financial position shows the financial resources the company owns or controls and the claims on those resources. Accounting Equation Assets = Liabilities + Equity Balance Sheet Contains? Assets, Liabilities and Equity Stockholders Equity The portion of the balan...

Accounting a system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions" AICPA American Institute of Certified Public Accountants-the professional organization of certified public accountants i...

1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Accounting steps. Inside, Internal Managerial info is inside or outside the business? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. True or false, managerial accounting use...

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 b...