WGU C213 ACCOUNTING FOR DECISION
MAKERS FINAL EXAM SCRIPT 2026
COMPREHENSIVE QUESTIONS WITH ANSWERS
GRADED A+
◉ 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.
◉ The balance sheet, the income statement, and the statement of
cashflows. Answer: What are the three primary financial
statements?
◉ External Users. Answer: Who is financial accounting information
primarily prepared for and used by?
◉ 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
◉ FASB. Answer: Which private body establishes accounting rules in
the U.S.?
◉ 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
MAKERS FINAL EXAM SCRIPT 2026
COMPREHENSIVE QUESTIONS WITH ANSWERS
GRADED A+
◉ 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.
◉ The balance sheet, the income statement, and the statement of
cashflows. Answer: What are the three primary financial
statements?
◉ External Users. Answer: Who is financial accounting information
primarily prepared for and used by?
◉ 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
◉ FASB. Answer: Which private body establishes accounting rules in
the U.S.?
◉ 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
