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WGU D103 Intermediate Accounting I Unit 2-4
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WGU D103 Intermediate Accounting I Unit 2-4
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WGU D103 Intermediate Accounting I Unit2-4
APB Opinions - ANS-The APB's official pronouncements issued from 1959 through
1973 which were intended to be based mainly on research studies and be supported by
reasons and analysis.
Accounting Principles Board (APB) - ANS-An accounting rule-making board which
provided official pronouncements, called APB Opinions, from 1959 through 1973.
Accounting Research Bulletins - ANS-Pronouncements issued by CAP dealing with a
variety of timely accounting problems during the years 1939 to 1959.
Accrued Expenses - ANS-Expenses incurred but not yet paid.
Accrued Revenues - ANS-Revenues for which the performance obligation has been
satisfied, but for which cash has not yet been received.
Adjusted Trial Balance - ANS-A trial balance prepared immediately after all adjustments
have been posted.
Adjusting Entries - ANS-Entries made at the end of an accounting period to bring all
accounts up to date on an accrual accounting basis.
American Institute of Certified Public Accountants (AICPA) - ANS-The national
professional organization of practicing Certified Public Accountants.
Book Value - ANS-The difference between the cost of an asset and its related
accumulated depreciation.
Closing Process - ANS-The formal process by which all nominal accounts are reduced
to zero to prepare the accounts for the next period's transactions.
Committee On Accounting Procedure (CAP) - ANS-An organization composed of
practicing CPAs which issued Accounting Research Bulletins dealing with a variety of
accounting problems during the years 1939 to 1959.
, Comparability - ANS-Ability to compare accounting information of different companies
because they measure and report information in a similar manner.
Completeness - ANS-All information necessary for faithful representation is provided.
Conceptual Framework - ANS-A coherent system of interrelated objectives and
fundamentals that can lead to consistent standards.
Confirmatory Value - ANS-Information that confirms or corrects prior expectations.
Consistency - ANS-An entity applies the same accounting treatment to similar events
from period to period.
Contra Asset Account - ANS-An account that offsets an asset account on the balance
sheet.
Cost Constraint - ANS-The constraint that states that information should be provided
only if the benefits of providing such information outweigh the costs of providing it.
Cost-benefit Relationship - ANS-The costs of something weighed against the benefits
that can be derived.
Current Assets - ANS-Cash and other assets expected to be converted into cash, sold,
or consumed either in one year or in the operating cycle, whichever is longer.
Current Liabilities - ANS-Obligations that are reasonably expected to be liquidated
either through the use of current assets or the creation of other current liabilities within
the longer of 1 year or the operating cycle.
Current Operating Performance Approach - ANS-A concept that states that the net
income figure should show only the regular, recurring earnings of the business.
Depreciation - ANS-The process of allocating the cost of an asset to expense over its
useful life in a rational and systematic manner.
Discontinued Operation - ANS-The disposal of a component of a business or the
elimination of a component that represents a strategic shift.
Earnings Management - ANS-The planned timing of revenues, expenses, gains, and
losses.
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