WGU C213 Accounting for Decision Makers Exam Questions and Answers (2022/2023) (Verified Answers)

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WGU C213 Accounting for Decision Makers Exam Questions and Answers (2022_2023) (Verified Answers) 1. Accounting: the recording of the day-to-day financial activities of a company and the organ... ization of that information into summary reports used to evaluate thecompany's financial status 2. Bookkeeping: the preservation of a systematic, quantitative record of an activity 3. accounting system: used by a business to handle routine bookkeeping tasksand to structure the information so it can be used to evaluate the performance andfinancial status of the business 4. Accounting information: Info that is intended to be useful in making decisionsabout the future. 5. The balance sheet, the income statement, and the statement of cashflows- : What are the three primary financial statements? 6. External Users: Who is financial accounting information primarily prepared forand used by? 7. Managerial Accounting: the name given to accounting systems designed forinternal users 8. Balance Sheet: Reports a company's assets, liabilities, and owners' equity 9. Income Statement: reports the amount of net income earned by a companyduring a period 10. Net income: the excess of a company's revenues over its expenses 11. statement of cash flows: reports the amount of cash collected and paid outby a company in the following three types of activities: operating, investing, and financing 12. FASB: Which private body establishes accounting rules in the U.S.? 13. Financial Accounting Standards Board (FASB): a private body establishedand supported by the joint efforts of the U.S. business community, financial ana- lysts, and practicing accountants 14. The Securities and Exchange Commission (SEC): the organization that regulates U.S. stock exchanges and seeks to create a fair information environmentin which investors can buy and sell stocks without fear that companies are hidingor manipulating financial data 15. American Institute of Certified Public Accountants (AICPA): the profes-sional organization of certified public accountants (CPAs) in the United States 16. Public Company Accounting Oversight Board (PCAOB): the organizationthat inspects the audit practices of registered audit firms and has statutory authority [Show More]

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