100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
WGU C213 Accounting for Decision Makers ABCD all Questions & answers solved accurately with Complete Solution Graded A+ latest version $12.99   Add to cart

Exam (elaborations)

WGU C213 Accounting for Decision Makers ABCD all Questions & answers solved accurately with Complete Solution Graded A+ latest version

 3 views  0 purchase
  • Course
  • Institution

WGU C213 Accounting for Decision Makers ABCD all Questions & answers solved accurately with Complete Solution Graded A+ latest version

Preview 3 out of 20  pages

  • July 6, 2024
  • 20
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
WGU C213 Accounting for Decision
Makers ABCD

Accounting - CORRECT ANSWER-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 - CORRECT ANSWER-the preservation of a systematic,
quantitative record of an activity

accounting system - CORRECT ANSWER-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 - CORRECT ANSWER-Info that is intended to be useful
in making decisions about the future.

The balance sheet, the income statement, and the statement of cashflows -
CORRECT ANSWER-What are the three primary financial statements?

External Users - CORRECT ANSWER-Who is financial accounting information
primarily prepared for and used by?

Managerial Accounting - CORRECT ANSWER-the name given to accounting
systems designed for internal users

Balance Sheet - CORRECT ANSWER-Reports a company's assets, liabilities,
and owners' equity

Income Statement - CORRECT ANSWER-reports the amount of net income
earned by a company during a period

Net income - CORRECT ANSWER-the excess of a company's revenues over its
expenses

,statement of cash flows - CORRECT ANSWER-reports the amount of cash
collected and paid out by a company in the following three types of activities:
operating, investing, and financing

FASB - CORRECT ANSWER-Which private body establishes accounting rules in
the U.S.?

Financial Accounting Standards Board (FASB) - CORRECT ANSWER-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) - CORRECT ANSWER-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) - CORRECT
ANSWER-the professional organization of certified public accountants (CPAs) in
the United States

Public Company Accounting Oversight Board (PCAOB) - CORRECT
ANSWER-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) - CORRECT ANSWER-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) - CORRECT
ANSWER-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
3. Increased scrutiny associated with large corporate accounting scandals -
CORRECT ANSWER-Which 3 factors have combined to make right now a time
of significant change in accounting?

Sarbanes-Oxley Act - CORRECT ANSWER-A wave of accounting scandals
starting in 2001 resulted in this act, which increases U.S. federal government
scrutiny of the production of financial statements.

Balance Sheet - CORRECT ANSWER-reports a company's financial position at a
specified point in time and lists the company's resources (assets), obligations
(liabilities), and net ownership interest (owners' equity).

Assets - CORRECT ANSWER-probable future economic benefits obtained or
controlled by a company as a result of past transactions or events

Liabilities - CORRECT ANSWER-probable future sacrifices of economic benefits
arising from present obligations of a company to transfer assets or provide
services in the future as a result of past transactions or events

Owners' equity - CORRECT ANSWER-the residual interest in the assets of a
company that remains after deducting its liabilities

Assets = Liabilities + Owners' Equity - CORRECT ANSWER-What is the
accounting equation?

By order of liquidity - CORRECT ANSWER-In what order are assets typically
listed on the balance sheet?

Current and Long-term - CORRECT ANSWER-Liabilities are divided into which 2
categories on the balance sheet?

states that the financial results of an economic entity should be reported
separately from the financial results of other entities, even though all those
entities may be controlled by the same person - CORRECT ANSWER-What is
the entity concept?

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller stephanvdb04. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

70055 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart