WGU C213 Final Exam: ACCOUNTING FOR DECISION
MAKERS 2025 update|comprehensive questions and
verified answers (complete solutions) Exam|GRADE A+!!
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
WGU C213 Accounting for Decision ... WGU C213 Final Exam WGU C213 PA & OA Study Guide Pra
82 terms Teacher 73 terms 246 terms 24
Cait_Blankenship Preview zhanleon Preview indivinefavor Preview
Terms in this set (143)
Accounting 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 the preservation of a systematic, quantitative record of an activity
accounting system 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 Info that is intended to be useful in making decisions about the future.
The balance sheet, the income statement, and the What are the three primary financial statements?
statement of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
, statement of cash flows reports the amount of cash collected and paid out by a company in the
following three types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
Financial Accounting Standards Board (FASB) 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) 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 the professional organization of certified public accountants (CPAs) in the
(AICPA) United States
Public Company Accounting Oversight Board (PCAOB) 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) 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) 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.
1. Rapid Advancements in the IT field Which 3 factors have combined to make right now a time of significant change
2. the international integration of worldwide business in accounting?
3. Increased scrutiny associated with large corporate
accounting scandals
Sarbanes-Oxley Act 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 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 probable future economic benefits obtained or controlled by a company as a
result of past transactions or events
Liabilities 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
MAKERS 2025 update|comprehensive questions and
verified answers (complete solutions) Exam|GRADE A+!!
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
WGU C213 Accounting for Decision ... WGU C213 Final Exam WGU C213 PA & OA Study Guide Pra
82 terms Teacher 73 terms 246 terms 24
Cait_Blankenship Preview zhanleon Preview indivinefavor Preview
Terms in this set (143)
Accounting 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 the preservation of a systematic, quantitative record of an activity
accounting system 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 Info that is intended to be useful in making decisions about the future.
The balance sheet, the income statement, and the What are the three primary financial statements?
statement of cashflows
External Users Who is financial accounting information primarily prepared for and used by?
Managerial Accounting the name given to accounting systems designed for internal users
Balance Sheet Reports a company's assets, liabilities, and owners' equity
Income Statement reports the amount of net income earned by a company during a period
Net income the excess of a company's revenues over its expenses
, statement of cash flows reports the amount of cash collected and paid out by a company in the
following three types of activities: operating, investing, and financing
FASB Which private body establishes accounting rules in the U.S.?
Financial Accounting Standards Board (FASB) 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) 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 the professional organization of certified public accountants (CPAs) in the
(AICPA) United States
Public Company Accounting Oversight Board (PCAOB) 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) 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) 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.
1. Rapid Advancements in the IT field Which 3 factors have combined to make right now a time of significant change
2. the international integration of worldwide business in accounting?
3. Increased scrutiny associated with large corporate
accounting scandals
Sarbanes-Oxley Act 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 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 probable future economic benefits obtained or controlled by a company as a
result of past transactions or events
Liabilities 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
