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WGU C213 ACCOUNTING FOR DECISION MAKERS FINAL EXAM
QUESTIONS AND VERIFIED ANSWERS / A+ GRADE
- 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
ANS: Accounting
- the preservation of a systematic, quantitative record of an activity
ANS: Book- keeping
- 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
ANS: accounting system
- Info that is intended to be useful in making decisions about the future.
ANS: Ac- counting information
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- What are the three primary financial statements?
ANS: The balance sheet, the income statement, and the statement of cashflows
- Who is financial accounting information primarily prepared for and used by?
ANS: External Users
- the name given to accounting systems designed for internal users
ANS: Manage- rial Accounting
- Reports a company's assets, liabilities, and owners' equity
ANS: Balance Sheet
- reports the amount of net income earned by a company during a period
ANS: In- come Statement
- the excess of a company's revenues over its expenses
ANS: Net income
- reports the amount of cash collected and paid out by a company in the fol- lowing
three types of activities operating, investing, and financing
ANS: statement of cash flows
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