WGU C213 ACCOUNTING FOR
DECISION MAKERS ACTUAL
EXAM 2026 WITH CORRECT
ANSWERS
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?
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
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
Sarbanes-Oxley Act - ANSWER --A wave of accounting scandals starting in 2001 resulted in
this act, which increases U.S. federal government scrutiny of the production of financial
statements.
Balance Sheet - ANSWER --reports a company's financial position at a specified point in
time and lists the company's resources (assets), obligations (liabilities), and net ownership
interest (owners' equity).
Assets - ANSWER --probable future economic benefits obtained or controlled by a
company as a result of past transactions or events
Liabilities - ANSWER --probable future sacrifices of economic benefits arising from present
obligations of a company to transfer assets or provide services in the future as a result of past
transactions or events
Owners' equity - ANSWER --the residual interest in the assets of a company that remains
after deducting its liabilities
Assets = Liabilities + Owners' Equity - ANSWER --What is the accounting equation?
By order of liquidity - ANSWER --In what order are assets typically listed on the balance
sheet?
DECISION MAKERS ACTUAL
EXAM 2026 WITH CORRECT
ANSWERS
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?
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
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
Sarbanes-Oxley Act - ANSWER --A wave of accounting scandals starting in 2001 resulted in
this act, which increases U.S. federal government scrutiny of the production of financial
statements.
Balance Sheet - ANSWER --reports a company's financial position at a specified point in
time and lists the company's resources (assets), obligations (liabilities), and net ownership
interest (owners' equity).
Assets - ANSWER --probable future economic benefits obtained or controlled by a
company as a result of past transactions or events
Liabilities - ANSWER --probable future sacrifices of economic benefits arising from present
obligations of a company to transfer assets or provide services in the future as a result of past
transactions or events
Owners' equity - ANSWER --the residual interest in the assets of a company that remains
after deducting its liabilities
Assets = Liabilities + Owners' Equity - ANSWER --What is the accounting equation?
By order of liquidity - ANSWER --In what order are assets typically listed on the balance
sheet?
