WGU C213 Accounting for Decision Makers OA
& Pre-Assessment Exam Questions Verified
Answers Rationales Managerial Accounting
Guide 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.
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
1
, 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
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
2
& Pre-Assessment Exam Questions Verified
Answers Rationales Managerial Accounting
Guide 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.
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
1
, 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
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
2
