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WGU C213 Accounting for Decision Makers ABCD Exam Questions and Answers 100% Pass
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WGU C213 Accounting for Decision Makers ABCD Exam Questions and Answers 100% Pass Accounting - 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 - A...

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  • December 17, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wgu c213 accounting for decision makers abcd exam

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WGU C213 Accounting for Decision
Makers ABCD Exam Questions and
Answers 100% Pass

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


accounting system - 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 - 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 - ANSWER ✔✔-What are the

three primary financial statements?


External Users - ANSWER ✔✔-Who is financial accounting information primarily prepared for and used

by?


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


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




Created by ©EmilyCharlene 2025. All rights reserved.

,2|Page


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

period


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


statement of cash flows - 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 - ANSWER ✔✔-Which private body establishes accounting rules in the U.S.?


Financial Accounting Standards Board (FASB) - 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) - 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) - ANSWER ✔✔-the professional

organization of certified public accountants (CPAs) in the United States


Public Company Accounting Oversight Board (PCAOB) - 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) - 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) - 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.




Created by ©EmilyCharlene 2025. All rights reserved.

, 3|Page


1. Rapid Advancements in the IT field


2. the international integration of worldwide business


3. Increased scrutiny associated with large corporate accounting scandals - ANSWER ✔✔-Which 3 factors

have combined to make right now a time of significant change in accounting?


Sarbanes-Oxley Act - 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 - 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 - ANSWER ✔✔-probable future economic benefits obtained or controlled by a company as a result

of past transactions or events


Liabilities - 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 - ANSWER ✔✔-the residual interest in the assets of a company that remains after

deducting its liabilities


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


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


Current and Long-term - 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 - ANSWER

✔✔-What is the entity concept?




Created by ©EmilyCharlene 2025. All rights reserved.

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