WGU MBA PROGRAM C213 ACCOUNTING OA EXAM 2 LATEST VERSIONS ACTUAL EXAM 50 QUESTIONS AND CORRECT DETAILED ANSWERS

WGU MBA PROGRAM C213
ACCOUNTING OA EXAM 2 LATEST
VERSIONS 2025-2026 ACTUAL EXAM 50
QUESTIONS AND CORRECT DETAILED
ANSWERS

Accounting - Answer-Recording of day-to-day financial activities of a company and the
organization of that information into summary reports used to evaluate the companies
financial status.

/.Three primary financial statements in financial accounting - Answer-1) The Balance
Sheet
2) The Income Statement
3) The Statement of Cash Flows

/.Balance Sheet - Answer-A financial statement that reports assets, liabilities, and
owner's equity on a specific date.

/.Income Statement - Answer-A financial statement showing the revenue and expenses
for a fiscal period. A company's expenses are subtracted from its revenues in computing
net income.

/.Statement of Cash Flows - Answer-the amount of cash collected and paid out by a
company in the following three types of activities, operating, investing, and financing.

/.Financial Accounting Users - Answer-Lenders, investors, company management,
suppliers, customers, employees, competitors, government agencies, politicians and the
press.

/.FASB (Financial Accounting Standards Board) - Answer-A private body that sets the
accounting standards in the United States.

/.SEC Securities and Exchange Commission - Answer-Regulates US stock exchanges

/.AICPA (American Institute of Certified Public Accountants) - Answer-Professional
organization of certified public accountants in the US.