WGU C213 (C213)

The emphasis in financial accounting is on which external user groups? - Investors and creditors Internal reports are generally used by - Management The initials GAAP stand for - Generally Accepted Accounting Principles Which of the following is NOT a service typically provided by large public accounting firms? - Making management decisions Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? - Securities and Exc...

1. What does accounting focus on? O The impact a business's activities have on its public image O The impact a business's activities have on its relationship with customers O The impact a business's activities have on the environment O The impact a business's activities have on its overall financial performance O The impact a business's activities have on its overall financial performance 2. Which report summarizes cash collections and cash expenditures from operating, i...

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - It is a government agency THEY DO: It consists of seven full-time members It seeks consistency for its proposed standards It has no legal power to enforce the standards it sets Generally accepted accounting principles are - Developed by accounting rule makers The initials GAAP stand for - Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector...

Order of assets listed on the balance sheet Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intangibles. Current assets are listed before long-term assets. Curre...

Accounting steps. - 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? - Inside, Internal True or false, managerial accounting uses BOTH managerial and financial accounting? - True. Financial accounting is only outside. Managerial accounting can be inside AND outside. Financial is inside or outside the business? - Outside, External, includes lenders and investors The financial statement includes what 3 documents -...

Accounting - 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 - the preservation of a systematic, quantitative record of an activity accounting system - 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 - I...

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - It is a government agency THEY DO: It consists of seven full-time members It seeks consistency for its proposed standards It has no legal power to enforce the standards it sets Generally accepted accounting principles are - Developed by accounting rule makers The initials GAAP stand for - Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector...

The emphasis in financial accounting is on which of the following external user groups? Educators CPA's Investors and Creditors Management - Investors and creditors The primary internal group that uses accounting information is: Investors Competitors Government Agencies Management - Management Internal Reports are generally used by: Employees Management Suppliers Lenders - Management Which of the following is NOT true of the FASB? It is a government agency It seeks consisten...

Accounting - Systematic recording of financial transactions. Decision Makers - Individuals using accounting information for decisions. Western Governors University - An online university offering flexible education. Studocu - Platform for sharing academic resources. Pre Assessment - Evaluation before course content delivery. Financial Transactions - Economic events affecting financial position. Recording - Documenting financial transactions systematically. Financial Position - Status of...

Accounting - Systematic recording of financial transactions. Decision Makers - Individuals using accounting information for decisions. Western Governors University - An online university offering flexible education. Studocu - Platform for sharing academic resources. Pre Assessment - Evaluation before course content delivery. Financial Transactions - Economic events affecting financial position. Recording - Documenting financial transactions systematically. Financial Position - Status of...