Exam (elaborations)
WGU C213 ACCOUNTING FOR DECISION MAKERS
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WGU C213 ACCOUNTING FOR DECISION MAKERS
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WGU C213 ACCOUNTING FOR DECISIONMAKERS
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 - Precise Answer ✔✔Accounting
the preservation of a systematic, quantitative record of an activity -
Precise Answer ✔✔Bookkeeping
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 - Precise Answer ✔✔accounting system
Info that is intended to be useful in making decisions about the future. -
Precise Answer ✔✔Accounting information
What are the three primary financial statements? - Precise Answer
✔✔The balance sheet, the income statement, and the statement of
cashflows
Who is financial accounting information primarily prepared for and used
by? - Precise Answer ✔✔External Users
, the name given to accounting systems designed for internal users -
Precise Answer ✔✔Managerial Accounting
Reports a company's assets, liabilities, and owners' equity - Precise
Answer ✔✔Balance Sheet
reports the amount of net income earned by a company during a period -
Precise Answer ✔✔Income Statement
the excess of a company's revenues over its expenses - Precise Answer
✔✔Net income
reports the amount of cash collected and paid out by a company in the
following three types of activities: operating, investing, and financing -
Precise Answer ✔✔statement of cash flows
Which private body establishes accounting rules in the U.S.? - Precise
Answer ✔✔FASB
a private body established and supported by the joint efforts of the U.S.
business community, financial analysts, and practicing accountants -
Precise Answer ✔✔Financial Accounting Standards Board (FASB)
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
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