WGU C213 Accounting for Decision Makers Exam Test with Answers
5 views 0 purchase
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MERCYTRISHIA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.79. You're not tied to anything after your purchase.
