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WGU C213 - Accounting topic 1 Exam Questions and Answers 100% Pass

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WGU C213

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WGU C213

WGU C213 - Accounting topic 1 Exam Questions and Answers 100% Pass Accounting - ANSWER -A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." American Institute of Certified Public Acc...

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WGU C213 - Accounting topic 1 Exam
Questions and Answers 100% Pass

Accounting - ANSWER ✔✔-A system of providing "quantitative information, primarily financial in

nature, about economic entities that is intended to be useful in making economic decisions."

American Institute of Certified Public Accountants (AICPA) - ANSWER ✔✔-The professional

organization of certified public accountants in the United States

Balance Sheet - ANSWER ✔✔-Document which reports the resources of a company (the assets), the

company's obligations (the liabilities), and the owners' equity, which represents how much money has

been invested in the company by its owners

Bookkeeping - ANSWER ✔✔-The preservation of a systematic, quantitative record of an activity

Certified Public Accountant - ANSWER ✔✔-A person who has taken a minimum number of college-level

accounting classes, has passed the dreaded CPA exam, and has met other requirements set by his or her

state

Financial Accounting - ANSWER ✔✔-The name given to accounting information provided for and used

by external users

Financial Accounting Standards Board (FASB) - ANSWER ✔✔-Governmental body that sets accounting

standards in the United States.

Financial Statements - ANSWER ✔✔-The three primary financial information documents: the balance

sheet, income statement, and statement of cash flows

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