WGU C213 Accounting for Decision Makers
WGU C213 Accounting for Decision Makers
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
1/12
, 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 the organization that regulates U.S. stock exchanges and
Exchange Commission seeks to create a fair information environment in which (SEC) investors can
buy and sell stocks without fear that
companies are hiding or manipulating financial data
American Institute of the professional organization of certified public
Certified Public accountants (CPAs) in the United States Accountants (AICPA)
Public Company the organization that inspects the audit practices of
Accounting Oversight registered audit firms and has statutory authority to
Board (PCAOB) investigate questionable audit practices and to impose
sanctions such as barring an audit firm from auditing
SECregistered companies
Internal Revenue Gov't agency that establishes rules to define exactly when Service (IRS)
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 Organization that was formed to develop a common set of
Accounting Standards worldwide accounting standards. Its standards are
Board (IASB) increasingly accepted worldwide, but FASB rules are still
the standard in the United States.
1. Rapid Advancements Which 3 factors have combined to make right now a time in the IT field
of significant change in accounting?
2/12
WGU C213 Accounting for Decision Makers
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
1/12
, 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 the organization that regulates U.S. stock exchanges and
Exchange Commission seeks to create a fair information environment in which (SEC) investors can
buy and sell stocks without fear that
companies are hiding or manipulating financial data
American Institute of the professional organization of certified public
Certified Public accountants (CPAs) in the United States Accountants (AICPA)
Public Company the organization that inspects the audit practices of
Accounting Oversight registered audit firms and has statutory authority to
Board (PCAOB) investigate questionable audit practices and to impose
sanctions such as barring an audit firm from auditing
SECregistered companies
Internal Revenue Gov't agency that establishes rules to define exactly when Service (IRS)
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 Organization that was formed to develop a common set of
Accounting Standards worldwide accounting standards. Its standards are
Board (IASB) increasingly accepted worldwide, but FASB rules are still
the standard in the United States.
1. Rapid Advancements Which 3 factors have combined to make right now a time in the IT field
of significant change in accounting?
2/12
