WGU C213 Accounting for Decision Makers Exam Test with Answers
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Course
WGU C213 Accounting for Decision Makers
Institution
WGU C213 Accounting For Decision Makers
WGU C213 Accounting for Decision Makers Exam Test with Answers
1. Accounting the recording of the day-to-day financial
activities of a company and the organi-
zation of that information into summary
reports used to evaluate the company's
financial status
2. Bookkeeping the preservation of a s...
WGU C213 Accounting for Decision Makers Exam Test with Answers 1. Accounting the recording of the day-to-day financial activities of a company and the organi - zation of that information into summary reports used to evaluate the company's financial status 2. Bookkeeping the preservation of a systematic, quantita - tive record of an activity 3. accounting system used by a business to handle routine book - keeping tasks and to structure the infor- mation so it can be used to evaluate the performance and financial status of the business 4. Accounting information Info that is intended to be useful in making decisions about the future. 5. The balance sheet, the income What are the three primary financial state - statement, and the statement of ments? cashflows 6. External Users Who is financial accounting information primarily prepared for and used by? 7. Managerial Accounting the name given to accounting systems de- signed for internal users 8. Balance Sheet Reports a company's assets, liabilities, and owners' equity 9. Income Statement reports the amount of net income earned by a company during a period 10. Net income the excess of a company's revenues over its expenses 11. statement of cash flows reports the amount of cash collected and paid out by a company in the following WGU C213 Accounting for Decision Makers Exam Test with Answers three types of activities: operating, invest - ing, and financing 12. FASB Which private body establishes account - ing rules in the U.S.? 13. Financial Accounting Stan - dards Board (FASB) 14. The Securities and Exchange Commission (SEC) 15. American Institute of Certified Public Accountants (AICPA) 16. Public Company Accounting Oversight Board (PCAOB) a private body established and supported by the joint efforts of the U.S. business community, financial analysts, and practic - ing accountants the organization that regulates U.S. stock exchanges and seeks to create a fair infor- mation environment in which investors can buy and sell stocks without fear that com- panies are hiding or manipulating financial data the professional organization of certified public accountants (CPAs) in the United States the organization that inspects the audit practices of registered audit firms and has statutory authority to investigate question - able audit practices and to impose sanc - tions such as barring an audit firm from auditing SEC -registered companies 17. Internal Revenue Service (IRS) Gov't agency that establishes rules to de- fine exactly when income should be taxed. It has no role in setting financial account - ing rules; and a company's financial state - ments are not used in determining how much tax the company must pay 18. The International Accounting Standards Board (IASB) Organization that was formed to develop a common set of worldwide accounting standards. Its standards are increasingly
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