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Accounting for decision makers C213 WGU Exam Questions and Answers 100% Pass
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Accounting for decision makers C213 WGU Exam Questions and Answers 100% Pass Accounting steps. - ANSWER -1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? - ANSWER -Inside, Internal True or false, managerial accountin...

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  • December 17, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • accounting for decision makers c213 wgu exam quest

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Accounting for decision makers C213
WGU Exam Questions and Answers
100% Pass

Accounting steps. - ANSWER ✔✔-1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6.

Observe.


Managerial info is inside or outside the business? - ANSWER ✔✔-Inside, Internal


True or false, managerial accounting uses BOTH managerial and financial accounting? - ANSWER ✔✔-

True. Financial accounting is only outside. Managerial accounting can be inside AND outside.


Financial is inside or outside the business? - ANSWER ✔✔-Outside, External, includes lenders and

investors


The financial statement includes what 3 documents - ANSWER ✔✔-Balance sheet, income statement, and

statement of cash flows


Point in time, Assets (resources) and liabilities (obligations) - ANSWER ✔✔-Balance Sheet


Period of time (usually 1 year), amount of profit made - ANSWER ✔✔-Income Statement


Period of time, where money came from, and where it went. Inflow and outflow of cash (Cash Flows).

Change in money for the period. - ANSWER ✔✔-Statement of Cash flows


Assets= liabilities + equity - ANSWER ✔✔-Balance sheet equation


Net income=Revenue - Expenses - ANSWER ✔✔-Revenue equation



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The statement of cash flows includes what three activities - ANSWER ✔✔-Operating, investing, and

financial activities


The decision makers in the U.S. (accounting rules) - ANSWER ✔✔-FASB: Financial accounting standards.

Private, no government involvement. It is a public process, includes individuals experienced in business

and accounting (7 members).


Developed by accounting rule makers. No Legal authority. - ANSWER ✔✔-GAAP: General accepted

accounting principles


We need accounting rules for... - ANSWER ✔✔-comparability


U.S. gov agency responsible for ensuring that investors, creditors, and other financial statement users are

provided with reliable information. It watches behavior in financial markets. - ANSWER ✔✔-SEC:

Security and exchange commission. Located in Article 1, Sec 8, Clause 3


What forms do the SEC regulate? - ANSWER ✔✔-Registration statements (prospectus), Form 10-K, Form

10-Q, and schedule 14A (proxy statement). These are all publicly viewable.


What does the SEC do? - ANSWER ✔✔-Oversees stock exchanges, can suspend a company, investigate

and suspect violations of the SEC rules.


Does the SEC have legal authority? - ANSWER ✔✔-YES. The SEC has legal authority to establish

accounting rules and disclosure requirements.


Financial accounting rule per the US constitution - ANSWER ✔✔-USA congress->SEC->FASB


The SEC created the - ANSWER ✔✔-FASB: Financial accounting standards board


FASB created - ANSWER ✔✔-GAAP (has no legal authority)


What sets auditory standards, continue education credits, CPA exam, and is the code of professional

conduct? - ANSWER ✔✔-AIPCA: American INSTITUTE of certified public accountants.


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Who is the only person who can sign audit reports? - ANSWER ✔✔-Only CPA's: Certified public

accountants.


The Sarbanes-Oxley Act "SOX" created? - ANSWER ✔✔-PCAOB: Public company accounting oversight

board.


PCAOB is under supervision of? - ANSWER ✔✔-Under supervision of the SEC.


Who appoints members, approves actions, gov standards, inspections, and investigations? It is a private

group and OVERSEES. AUDITORS? - ANSWER ✔✔-PCAOB: Public Company Accounting OVERSIGHT

Board.


IRS - ANSWER ✔✔-U.S. Gov agency that collects and regulates income taxes. Their primary goal is to

collect revenue.


There are two sets of books. Tax Books and Financial accounting books. - ANSWER ✔✔-Economic

income and accounting income books. & Tax income, and cash flow books.


IASB: Internatonal Accounting Standard Board - ANSWER ✔✔-Similar to the FASB, but not 100% the

same. It is international, everywhere but the U.S.


Barriers to international convergence are? - ANSWER ✔✔-Who enforces and national policies.


Rules set centrally, but legally adopted and enforced locally? - ANSWER ✔✔-Condorsement


To increase government regulation, one would use: - ANSWER ✔✔-The SEC, SOX, and PCAOB.


Financial statements - ANSWER ✔✔-Reduce uncertainty and allows lenders and investors to target their

financing and investing to the level of risk they are willing to take.


A financial statement that furthermore decreases uncertainty. - ANSWER ✔✔-Adudit




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Provides accountants the best attempt at measuring the economic performance of a company. - ANSWER

✔✔-Income Statement


Mother of all financial statements. - ANSWER ✔✔-Balance sheet


Assets=liabilities+equity - ANSWER ✔✔-Accounting equation


Resources owned or controlled by a company that will provide probable future economic benefit. -

ANSWER ✔✔-Assets (resoures)


Obligations that require the probable future sacrifice of economic benefits in the form of the transfer of

assets or the providing of services. - ANSWER ✔✔-Liabilities (obligations)


Investment amount in the business PLUS how much profit they have left in the business. L-A=E -

ANSWER ✔✔-Equity


Owners Equity - ANSWER ✔✔-1 paid in capital, 2 retained earnings, 3 treasure stock, 4 accumulated

other comprehensive income.


The amount originally paid in exchange for share of stock - ANSWER ✔✔-PIC: Paid in capital


CUMMULATIVE earnings that have been retained in the business - ANSWER ✔✔-Retained earnings


Company buys back its own shares of stock, shown as a subtraction from equity. - ANSWER ✔✔-

Treasury stock


MARKET EVENTS that result in an increase or decrease in equity are: - ANSWER ✔✔-AOCI:

Accumulated other comprehensive income.Market related gains and losses that are not included on the

income statement.


Breaking items down into current and long term results (current=with in one year) - ANSWER ✔✔-

Classified balance sheet




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