WGU C213 TEST 2024 ACTUAL EXAM
COMPLETE 70 QUESTIONS WITH CORRECT
VERIFIED ANSWERS |PRE-EVALUATED A+
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
Bookkeeping - ANSWER-the preservation of a systematic, quantitative record of an activity
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
Accounting information - ANSWER-Info that is intended to be useful in making decisions about the
future.
-What are the three primary financial statements? -ANSWER-The balance sheet, the income statement,
and the statement of cashflows
Who is financial accounting information primarily prepared for and used by? - ANSWER-External Users
Managerial Accounting - ANSWER-the name given to accounting systems designed for internal users
, Balance Sheet - ANSWER-Reports a company's assets, liabilities, and owners' equity
Income Statement - ANSWER-reports the amount of net income earned by a company during a period
Net income - ANSWER-the excess of a company's revenues over its expenses
statement of cash flows - ANSWER-reports the amount of cash collected and paid out by a company in
the following three types of activities: operating, investing, and financing
Which private body establishes accounting rules in the U.S.? - ANSWER-FASB
Financial Accounting Standards Board (FASB) - ANSWER-a private body established and supported by the
joint efforts of the U.S. business community, financial analysts, and practicing accountants
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
American Institute of Certified Public Accountants (AICPA) - ANSWER-the professional organization of
certified public accountants (CPAs) in the United States
Public Company Accounting Oversight Board (PCAOB) - ANSWER-the organization that inspects the audit
practices of registered audit firms and has statutory authority to investigate questionable audit practices
and to impose sanctions such as barring an audit firm from auditing SEC-registered companies
Internal Revenue Service (IRS) - ANSWER-Gov't agency that establishes rules to define exactly when
income should be taxed. It has no role in setting financial accounting rules; and a company's financial
statements are not used in determining how much tax the company must pay
The International Accounting Standards Board (IASB) - ANSWER-Organization that was formed to
develop a common set of worldwide accounting standards. Its standards are increasingly accepted
worldwide, but FASB rules are still the standard in the United States.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseShanit. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
