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WGU C213 Final Exam Accounting for Decision Makers Questions and Answers (2023 / 2024) (Verified) UPDATE $10.89   Add to cart

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

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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 Accounti...

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  • June 24, 2024
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  • 2023/2024
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WGU C213 Final Exam Accounting for Decision
Makers Questions and Answers ()
(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


American Institute of Certified Public Accountants (AICPA)
Professional org for CPAs in the U.S.


Public Company Accounting Oversight Board (PCAOB)
Inspects audit practices of firms


Internal Revenue Service (IRS)
Gov't agency for income tax rules


The International Accounting Standards Board (IASB)
Develops global accounting standards


Factors for Change in Accounting
IT advancements, global business, scandals


Sarbanes-Oxley Act
Resulted from 2001 accounting scandals


Assets
Probable future economic benefits obtained or controlled by a company


Liabilities
Probable future sacrifices of economic benefits arising from present obligations


Owners' Equity
Residual interest in the assets of a company after deducting its liabilities


Assets = Liabilities + Owners' Equity
What is the accounting equation?


By Order of Liquidity
In what order are assets typically listed on the balance sheet?


Current and Long-term
Categories in which liabilities are divided on the balance sheet


Entity Concept
Financial results of an entity reported separately from other entities


Net Income Calculation

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