Wgu Mba Program C213 Accounting Questions And Answers Graded A+

Accounting {Ans: } 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 {Ans: } 1) The Balance Sheet 2) The Income Statement 3) The Statement of Cash FlowsBalance Sheet {Ans: } A financial statement that reports assets, liabilities, and owner's equity on a specific date.Income Statement {Ans: } 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 {Ans: } 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 {Ans: } Lenders, investors, company management, suppliers, customers, employees, competitors, government agencies, politicians and the press.FASB (Financial Accounting Standards Board) {Ans: } A private body that sets the accounting standards in the United States.SEC Securities and Exchange Commission {Ans: } Regulates US stock exchangesAICPA (American Institute of Certified Public Accountants) {Ans: } Professional organization of certified public accountants in the US.Three factors that make right now a time of significant change in accounting are: {Ans: } 1) Globalization