WGU C213 Accounting for Decision Makers Exam
2022/2023
1.Accounting<answer< 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
2.Bookkeeping <answer< the preservation of a systematic, quantitative record of an activity
3.accounting system <answer< 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
4.Accounting information<answer< Info that is intended to be useful in making decisions about the future.
5.The balance sheet, the income statement, and the statement of cashflows-
<answer< What are the three primary financial statements?
6.External Users<answer< Who is financial accounting information primarily prepared for and used by?
7.Managerial Accounting<answer< the name given to accounting systems designed for internal users
8.Balance Sheet<answer< Reports a company's assets, liabilities, and owners' equity
9.Income Statement<answer< reports the amount of net income earned by a company during a period
10.Net income<answer< the excess of a company's revenues over its expenses
11.statement of cash flows<answer< reports the amount of cash collected and paid out by a company in the following three types of activities<answer< operating, investing, and financing
12.FASB<answer< Which private body establishes accounting rules in the U.S.? 13.Financial Accounting Standards Board (FASB)<answer< a private body established and supported by the joint efforts of the U.S. business community, financial ana- lysts, and practicing accountants
14.The Securities and Exchange Commission (SEC) <answer< the organization that regulates U.S. stock exchanges and seeks to create a
fair information environment in which investors can buy and sell stocks
without fear that companies are hiding or manipulating financial data
15.American Institute of Certified Public Accountants (AICPA)<answer< the profes- sional organization of certified public accountants (CPAs) in the United States
16.Public Company Accounting Oversight Board (PCAOB) <answer< the organization that inspects the audit practices of registered audit firms and has statutory authority
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