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

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  • July 6, 2024
  • 9
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • wgu c213 accounting for decision makers all questi

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WGU C213 Accounting for Decision
Makers

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.

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