WGU C213 FINAL EXAM: ACCOUNTING FOR DECISION
05/16/2026
MAKERS QUESTIONS AND ANSWERS
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions and Answers Verified, Exams of 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
Accounting
The preservation of a systematic, quantitative record of an activity
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
Accounting system
Info that is intended to be useful in making decisions about the future.
Accounting information
What are the three primary financial statements?
The balance sheet, the income statement, and the statement of cashflows
Who is financial accounting information primarily prepared for and used by?
5/16/2026
External Users
1
, WGU C213 FINAL EXAM: ACCOUNTING FOR DECISION
05/16/2026
MAKERS QUESTIONS AND ANSWERS
The name given to accounting systems designed for internal users
Managerial Accounting
Reports a company's assets, liabilities, and owners' equity
Balance Sheet
Reports the amount of net income earned by a company during a period
Income Statement
The excess of a company's revenues over its expenses
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
Statement of cash flows
Which private body establishes accounting rules in the U.S.?
FASB
5/16/2026
A private body established and supported by the joint efforts of the U.S. business community, financial
analysts, and practicing accountants
2
05/16/2026
MAKERS QUESTIONS AND ANSWERS
WGU C213 Final Exam: ACCOUNTING FOR DECISION MAKERS
Questions and Answers Verified, Exams of 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
Accounting
The preservation of a systematic, quantitative record of an activity
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
Accounting system
Info that is intended to be useful in making decisions about the future.
Accounting information
What are the three primary financial statements?
The balance sheet, the income statement, and the statement of cashflows
Who is financial accounting information primarily prepared for and used by?
5/16/2026
External Users
1
, WGU C213 FINAL EXAM: ACCOUNTING FOR DECISION
05/16/2026
MAKERS QUESTIONS AND ANSWERS
The name given to accounting systems designed for internal users
Managerial Accounting
Reports a company's assets, liabilities, and owners' equity
Balance Sheet
Reports the amount of net income earned by a company during a period
Income Statement
The excess of a company's revenues over its expenses
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
Statement of cash flows
Which private body establishes accounting rules in the U.S.?
FASB
5/16/2026
A private body established and supported by the joint efforts of the U.S. business community, financial
analysts, and practicing accountants
2
