Accounting for decision makers C213 WGU-with 100% verified solutions 2023-2024 Accounting steps. 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? Inside, Internal True or false, managerial accounting uses BOTH managerial and financial accounting? True. Financial accounting is only outside. Managerial accounting can be inside AND outside. Financial is inside or outside the business? Outside, External, includes lenders and investors The financial statement includes what 3 documents Balance sheet, income statement, and statement of cash flows Point in time, Assets (resources) and liabilities (obligations) Balance Sheet Period of time (usually 1 year), amount of profit made Income Statement Period of time, where money came from, and where it went. Inflow and outflow of cash (Cash Flows). Change in money for the period. Statement of Cash flows