Exam (elaborations)

WGU MBA Program C213 Accounting Questions And Answers Graded A+

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NURSING 706

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NURSING 706

WGU MBA Program C213 Accounting Questions And Answers Graded A+ Accounting Accounting Equation Accounts Payable Accounts Receivable Accrual Accounting Accumulated Depreciation Accumulated Other Comprehensive Income Activity-based Costing (ABC) Additional Paid-in Capital American Institute...

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Uploaded on February 19, 2024
Number of pages 25
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WGU MBA Program C213 Accounting Questions
And Answers Graded A+

1). Accounting

 Ans: A system of providing "quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions."

2). Accounting equation

 Ans: Assets = Liabilities + Owners' Equity

3). Accounts payable

 Ans: 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.

4). Accounts receivable

 Ans: Amounts owed to a business by its credit customers and are usually collected in
cash within 10 to 60 days.

5). Accrual accounting

 Ans: The process that accountants use in adjusting raw transaction data into refined
measures of a firm's economic performance.

6). Accumulated depreciation

 Ans: Reflects the wear and tear, or depreciation, of these items since they were
originally purchased.

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, 7). Accumulated other comprehensive income

 Ans: 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

8). Activity-based costing (abc)

 Ans: A method of attributing overhead costs to products based on measurable
factors that relate to activities that create overhead costs.

9). Additional paid-in capital

 Ans: Invested by stockholders that exceeds the par value of the issued shares.

10). American institute of certified public accountants (aicpa)

 Ans: The professional organization of certified public accountants in the United
States.

11). Asset

 Ans: Probable future economic benefit obtained or controlled by a particular entity as
a result of past transactions or events.

12). Asset mix

 Ans: The proportion of total assets in each asset category, is determined to a large
degree by the industry in which the company operates.

13). Asset turnover

 Ans: Sales divided by assets and is interpreted as the number of dollars in sales
generated by each dollar of assets.

14). Assets

 Ans: 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

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, 15). Assets-to-equity ratio

 Ans: Assets divided by equity and is interpreted as the number of dollars of assets
acquired for each dollar invested by stockholders.

16). Audit committee

 Ans: Members of a company's board of directors who are responsible for dealing with
the external and internal auditors.

17). Average collection period

 Ans: Shows the average number of days that elapse between sale and cash
collection.

18). Balance sheet

 Ans: A listing of an organization's assets and of its liabilities at a certain time.

19). Batch-level activities

 Ans: Activities that take place in order to support a batch or production run,
regardless of the size of the batch.

20). Book value

 Ans: The book value of an asset is the asset's cost minus the asset's accumulated
depreciation.

21). Bookkeeping

 Ans: The preservation of a systematic, quantitative record of an activity.

22). Breakeven point

 Ans: 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.

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