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Exam (elaborations) CPA - Certified Public Accountant
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ACCOUNTING C213 WGU OA P up-to date clear and well organized correct Q and A .
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ACCOUNTING C213 WGU OA Prep2025 UGRADED 100%Correct Q and A.
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
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