WGU D196 Questions and Answers Graded A

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WGU D196 Questions and Answers Graded A Unit 2: International Accounting Standards Board (IASB) A committee formed to develop international accounting standards. Unit 2: American Institute of Certified Public Accountants (AICPA) A professional organization for CPAs in which membership is voluntary. Professional Sanctions Unit 2: Certified public accountant (CPA) An accountant who has met specified professional requirements established by the AICPA and local and state societies. A key service provided by CPAs is the performance of independent audits of financial statements. Unit 2: Securities and Exchange Commission (SEC) The government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds. Legal Punishment Unit 2: Governmental Accounting Standards Board (GASB) An independent private organization that sets the accounting and financial reporting standards for state and local governments following GAAP. Unit 2: Generally accepted accounting principles (GAAP) Authoritative guidelines that define accounting practice at a particular time in the United States. Unit 2: Financial Accounting Standards Board (FASB) the private board that establishes the generally accepted accounting principles used in the practice of financial accounting variety of backgrounds not a government agency - no legal power to enforce the accounting standards Unit 2: accounting system The procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business. Unit 2: Accounting Quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. Unit 2: Quantitative Accounting relates to numbers. Unit 2: Financial The health and performance of a business are affected by and reflected in many dimensions Unit 2: Useful The practice of accounting is supported by a long tradition of theory. Unit 2: Decisions Although accounting is the structured reporting of what has already occurred, this past information can only be useful if it impacts decisions about the future. Unit 2: The Decision Making Process Step 1: Identify Issue Step 2: Gather Info Step 3: Identify Alternatives Step 4: Select Best Option Unit 2: Revenues The amount of assets created through the sale of goods and services. Unit 2: Management accounting The area of accounting concerned with providing internal financial reports to assist management in making decisions. Unit 2: Financial statements Reports such as the balance sheet, income statement, and statement of cash flows, which summarize the financial status and results of operations of a business entity. Unit 2: Annual report A document that summarizes the results of operations and financial status of a company for the past year and outlines future plans. Unit 2: Balance Sheet

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