WGU C213 Final Exam Accounting for Decision Makers Questions and Answers (2023 / 2024) (Verified) UPDATED

WGU C213 Final Exam Accounting for Decision Makers Questions and Answers (2023 / 2024) (Verified) UPDATE Accounting Recording financial activities and organizing into reports for evaluating financial status Bookkeeping Preserving systematic, quantitative records of an activity Accounting System Used for routine bookkeeping tasks and structuring information for evaluating business performance Accounting Information Info useful for making decisions about the future Three Primary Financial Statements Balance Sheet, Income Statement, Statement of Cash Flows External Users Primary users of financial accounting information Managerial Accounting Accounting systems for internal users Balance Sheet Reports company's financial position at a specific time, lists assets, liabilities, and owners' equity Income Statement Reports company's net income earned during a period Net Income Income from continuing operations plus or minus discontinued operations and extraordinary items, net of income tax effects Statement of Cash Flows Reports cash activities: operating, investing, financing FASB Private body for U.S. accounting rules Financial Accounting Standards Board (FASB) Private body for U.S. accounting rules The Securities and Exchange Commission (SEC) Regulates U.S. stock exchanges