WGU C213 ACCOUNTING FOR DECISION MAKERS FINAL EXAM
Questions with Verified Answers
Grade A+ Guarantee
1. the recording of the day-to-
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day financial activities of a company and the organization of that information into summ
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ary reports used to evaluate the company's financial status
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ANS: Accounting
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2. the preservation of a systematic, quantitative record of an activity A
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NS: Book- keeping
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3. used by a business to handle routine bookkeeping tasks and to structure the informa
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tion so it can be used to evaluate the performance and financial status of the business
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ANS: accounting system
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4. Info that is intended to be useful in making decisions about the future. A
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NS: Ac- counting information
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, 5. What are the three primary financial statements?
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ANS: The balance sheet, the income statement, and the statement of cashflows
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6. Who is financial accounting information primarily prepared for and used by? A
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NS: External Users
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7. the name given to accounting systems designed for internal users A
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NS: Manage- rial Accounting
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8. Reports a company's assets, liabilities, and owners' equity
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ANS: Balance Sheet
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9. reports the amount of net income earned by a company during a period A
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NS: In- come Statement
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10. the excess of a company's revenues over its expenses A
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NS: Net income
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11. reports the amount of cash collected and paid out by a company in the fol-
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g lowing three types of activities
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operating, investing, and financing g g g
ANS: statement of cash flows
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2g/g6
Questions with Verified Answers
Grade A+ Guarantee
1. the recording of the day-to-
g g g g
day financial activities of a company and the organization of that information into summ
g g g g g g g g g g g g g
ary reports used to evaluate the company's financial status
g g g g g g g g
ANS: Accounting
g
2. the preservation of a systematic, quantitative record of an activity A
g g g g g g g g g g
NS: Book- keeping
g g
3. used by a business to handle routine bookkeeping tasks and to structure the informa
g g g g g g g g g g g g g
tion so it can be used to evaluate the performance and financial status of the business
g g g g g g g g g g g g g g g
ANS: accounting system
g g
4. Info that is intended to be useful in making decisions about the future. A
g g g g g g g g g g g g g
NS: Ac- counting information
g g g
1g/g6
, 5. What are the three primary financial statements?
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ANS: The balance sheet, the income statement, and the statement of cashflows
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6. Who is financial accounting information primarily prepared for and used by? A
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NS: External Users
g g
7. the name given to accounting systems designed for internal users A
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NS: Manage- rial Accounting
g g g
8. Reports a company's assets, liabilities, and owners' equity
g g g g g g g
ANS: Balance Sheet
g g
9. reports the amount of net income earned by a company during a period A
g g g g g g g g g g g g g
NS: In- come Statement
g g g
10. the excess of a company's revenues over its expenses A
g g g g g g g g g
NS: Net income
g g
11. reports the amount of cash collected and paid out by a company in the fol-
g g g g g g g g g g g g g g
g lowing three types of activities
g g g g
operating, investing, and financing g g g
ANS: statement of cash flows
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2g/g6
