WGU MBA Exam Questions & Answers 2024/2025

WGU MBA Exam Questions & Answers 2024/2025 Accounting - ANSWERSthe 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 - ANSWERSthe preservation of a systematic, quantitative record of an activity accounting system - ANSWERSused 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 - ANSWERSInfo that is intended to be useful in making decisions about the future. The balance sheet, the income statement, and the statement of cashflows - ANSWERSWhat are the three primary financial statements? External Users - ANSWERSWho is financial accounting information primarily prepared for and used by? Managerial Accounting - ANSWERSthe name given to accounting systems designed for internal users Balance Sheet - ANSWERSReports a company's assets, liabilities, and owners' equity Income Statement - ANSWERSreports the amount of net income earned by a company during a period Net income - ANSWERSthe excess of a company's revenues over its expenses statement of cash flows - ANSWERSreports the amount of cash collected and paid out by a company in the following three types of activities: operating, investing, and financing