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WGU C213 Accounting for Decision Makers (VAC2 Terms)
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WGU C213 Accounting for Decision Makers (VAC2 Terms)
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WGU C213 Accounting for Decision Makers (VAC2 Terms) ExamQuestions with Answers Solved By Expert 2023 Latest Update
Best Defined
"Other Assets" - answers Long-term assets that are not suitable for reporting
under any of the previous classifications
Accounting - answers A system of providing "quantitative information,
primarily financial in nature, about economic entities that is intended to be useful
in making economic decisions."
Accounting Equation - answers Assets = Liabilities + Owners' Equity
Accounts Payable - answers The flip side of accounts receivable—when one
company sells on credit, creating for itself an account receivable, the company on
the other side of the transaction is buying on credit, creating an account payable.
Accounts Receivable - answers Amounts owed to a business by its credit
customers and are usually collected in cash within 10 to 60 days.
Accrual Accounting - answers The process that accountants use in adjusting
raw transaction data into refined measures of a firm's economic performance.
Accumulated Depreciation - answers Reflects the wear and tear, or
depreciation, of these items since they were originally purchased.
[Type here] [Type here] [Type here]
,Accumulated Other Comprehensive Income - answers The grouped together
and reported changes which companies experience increases and decreases in
equity each year because of the movement of market prices or exchange rates
Activity-based Costing (ABC) - answers A method of attributing overhead costs
to products based on measurable factors that relate to activities that create
overhead costs.
Additional Paid-in Capital - answers Invested by stockholders that exceeds the
par value of the issued shares.
American Institute of Certified Public Accountants (AICPA) - answers The
professional organization of certified public accountants in the United States.
Asset - answers Probable future economic benefit obtained or controlled by a
particular entity as a result of past transactions or events.
Asset Mix - answers The proportion of total assets in each asset category, is
determined to a large degree by the industry in which the company operates.
Asset Turnover - answers Sales divided by assets and is interpreted as the
number of dollars in sales generated by each dollar of assets.
Assets - answers Assets are the firm's economic resources, formally defined as
"probable future economic benefits obtained or controlled by a particular entity
as a result of past transactions or events
[Type here] [Type here] [Type here]
, Assets-to-equity Ratio - answers Assets divided by equity and is interpreted as
the number of dollars of assets acquired for each dollar invested by stockholders.
Audit Committee - answers Members of a company's board of directors who
are responsible for dealing with the external and internal auditors.
Average Collection Period - answers Shows the average number of days that
elapse between sale and cash collection.
Balance Sheet - answers A listing of an organization's assets and of its liabilities
at a certain time.
Batch-level Activities - answers Activities that take place in order to support a
batch or production run, regardless of the size of the batch.
Book Value - answers The book value of an asset is the asset's cost minus the
asset's accumulated depreciation.
Bookkeeping - answers The preservation of a systematic, quantitative record of
an activity.
Break-even Point - answers The amount of sales at which total costs of the
number of units sold equal total revenues; the point at which there is no profit or
loss.
[Type here] [Type here] [Type here]
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