Accounting > QUESTIONS & ANSWERS > WGU C213 PA & OA STUDY GUIDE #2|223 QUESTIONS WITH CORRECT ANSWERS (All)

WGU C213 PA & OA STUDY GUIDE #2|223 QUESTIONS WITH CORRECT ANSWERS

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Which of the following is the most correct definition of accounting? Correct Answer A system for providing quantitative information, primarily financial in nature, about economic entities that is inte... nded to be useful in making economic decisions What is NOT typically true of accounting information? Correct Answer The information relates to future time periods. Which is NOT a key component of the definition of accounting? Correct Answer Qualitative What is true about the double-entry system of bookkeeping? Correct Answer It was developed in the 1300s−1400s in Italy. Businesses use accounting systems to Correct Answer Analyze transactions; Handle routine bookkeeping tasks; Evaluate performance and health of the business. What is not a function of accounting? Correct Answer Executing sales transactions for organizations What is NOT one of the three primary financial statements? Correct Answer Statement of retained earnings Generally accepted accounting principles are Correct Answer Developed by accounting rule makers The initials GAAP stand for Correct Answer Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector is the Correct Answer Financial Accounting Standards Board (FASB) Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? Correct Answer Securities and Exchange Commission (SEC) Which is NOT a service typically provided by large public accounting firms? Correct Answer Making management decisions The organization that develops worldwide accounting standards is the Correct Answer International Accounting Standards Board (IASB) The initials CPA stand for Correct Answer Certified Public Accountant [Show More]

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