WGU MBA Program C213 Accounting Questions And Answers Graded A+
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Course
NURSING 706
Institution
NURSING 706
WGU MBA Program C213 Accounting Questions And Answers Graded A+
Accounting
Three primary financial statements in financial accounting
Balance Sheet
Income Statement
Statement of Cash Flows
Financial Accounting Users
FASB (Financial Accounting Standards Board)
SEC Securities and Exchange Com...
WGU MBA Program C213 Accounting Questions
And Answers Graded A+
1). Accounting
Ans: Recording of day-to-day financial activities of a company and the organization of
that information into summary reports used to evaluate the companies financial status.
2). Three primary financial statements in financial accounting
Ans: 1) The Balance Sheet
2) The Income Statement
3) The Statement of Cash Flows
3). Balance sheet
Ans: A financial statement that reports assets, liabilities, and owner's equity on a
specific date.
4). Income statement
Ans: A financial statement showing the revenue and expenses for a fiscal period. A
company's expenses are subtracted from its revenues in computing net income.
5). Statement of cash flows
Ans: the amount of cash collected and paid out by a company in the following three
types of activities, operating, investing, and financing.
6). Financial accounting users
Ans: Lenders, investors, company management, suppliers, customers, employees,
competitors, government agencies, politicians and the press.
7). Fasb (financial accounting standards board)
Ans: A private body that sets the accounting standards in the United States.
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, 8). Sec securities and exchange commission
Ans: Regulates US stock exchanges
9). Aicpa (american institute of certified public accountants)
Ans: Professional organization of certified public accountants in the US.
10). Three factors that make right now a time of significant change in accounting are:
Ans: 1) Globalization of Accounting Standards
2) Information Technology
3) Accounting scandals including the 2001 Sarbanes-Oxley Act.
11). Financial statements
Ans: Increase the amount of financial information about a company to attract
investors, lenders and other parties interested in the companies financial status.
12). The balance sheet
Ans: A report that shows the company's financial position at a specified point in time
and lists the company's resources (assets), obligations (liabilities), and net ownership
interest (owner's equity).
13). Notes to the financial statement
Ans: Provide information on the accounting assumptions used in preparing the
statements and also provide supplemental information not included in the statements
themselves.
14). An audit performed by accountants from outside a company that increases the reliance that
users can place on the information in the companies financial statements
Ans: External Audit Report
15). Relevant
Ans: Information that is provided on a timely basis that can be used to assess the past
and project the future.
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