WGU C213 ACCOUNTING FOR
DECISION MAKERS COMPLETE
QUESTIONS WITH VERIFIED
ANSWERS
\.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 - ANSWERS✔-Accounting
\.the preservation of a systematic, quantitative record of an activity - ANSWERS✔-
Bookkeeping
\.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 - ANSWERS✔-accounting system
\.Info that is intended to be useful in making decisions about the future. -
ANSWERS✔-Accounting information
\.What are the three primary financial statements? - ANSWERS✔-The balance
sheet, the income statement, and the statement of cashflows
, \.Who is financial accounting information primarily prepared for and used by? -
ANSWERS✔-External Users
\.the name given to accounting systems designed for internal users - ANSWERS✔-
Managerial Accounting
\.Reports a company's assets, liabilities, and owners' equity - ANSWERS✔-Balance
Sheet
\.reports the amount of net income earned by a company during a period -
ANSWERS✔-Income Statement
\.the excess of a company's revenues over its expenses - ANSWERS✔-Net income
\.reports the amount of cash collected and paid out by a company in the following
three types of activities: operating, investing, and financing - ANSWERS✔-
statement of cash flows
\.Which private body establishes accounting rules in the U.S.? - ANSWERS✔-FASB
\.a private body established and supported by the joint efforts of the U.S. business
community, financial analysts, and practicing accountants - ANSWERS✔-Financial
Accounting Standards Board (FASB)
DECISION MAKERS COMPLETE
QUESTIONS WITH VERIFIED
ANSWERS
\.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 - ANSWERS✔-Accounting
\.the preservation of a systematic, quantitative record of an activity - ANSWERS✔-
Bookkeeping
\.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 - ANSWERS✔-accounting system
\.Info that is intended to be useful in making decisions about the future. -
ANSWERS✔-Accounting information
\.What are the three primary financial statements? - ANSWERS✔-The balance
sheet, the income statement, and the statement of cashflows
, \.Who is financial accounting information primarily prepared for and used by? -
ANSWERS✔-External Users
\.the name given to accounting systems designed for internal users - ANSWERS✔-
Managerial Accounting
\.Reports a company's assets, liabilities, and owners' equity - ANSWERS✔-Balance
Sheet
\.reports the amount of net income earned by a company during a period -
ANSWERS✔-Income Statement
\.the excess of a company's revenues over its expenses - ANSWERS✔-Net income
\.reports the amount of cash collected and paid out by a company in the following
three types of activities: operating, investing, and financing - ANSWERS✔-
statement of cash flows
\.Which private body establishes accounting rules in the U.S.? - ANSWERS✔-FASB
\.a private body established and supported by the joint efforts of the U.S. business
community, financial analysts, and practicing accountants - ANSWERS✔-Financial
Accounting Standards Board (FASB)
