100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
LATEST WGU PRINCIPLES OF ACCOUNTING VYC QUESTIONS WITH 100% CORRECT ANSWERS $15.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU PRINCIPLES OF ACCOUNTING VYC1
  4.  
  5. WGU PRINCIPLES OF ACCOUNTING VYC1

Exam (elaborations)

LATEST WGU PRINCIPLES OF ACCOUNTING VYC QUESTIONS WITH 100% CORRECT ANSWERS
 0 purchase
  • Course
  • WGU PRINCIPLES OF ACCOUNTING VYC1
  • Institution
  • WGU PRINCIPLES OF ACCOUNTING VYC1

What is an example of recurring income? - CORRECT ANSWER bank account interest Recurring revenue is the portion of a company's revenue that is highly likely to continue in the future. Recurring revenue is revenue that is predictable, stable and can be counted on in the future with a high ...

[Show more]

Preview 4 out of 45  pages

Document information

  • August 10, 2024
  • 45
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • latest wgu principles of accounting vyc
  • wgu principles of accounting vyc1
  • principles of accounting vyc1
  • latest wgu principles of accounting vyc
  • latest wgu principles of accounting vyc

Written for

  • WGU PRINCIPLES OF ACCOUNTING VYC1
  • WGU PRINCIPLES OF ACCOUNTING VYC1

Seller

avatar-seller
Courseinstructor

Reviews received

Content preview

LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
What is an example of recurring income? - CORRECT ANSWER bank account
interest



Recurring revenue is the portion of a company's revenue that is highly likely to continue
in the future. Recurring revenue is revenue that is predictable, stable and can be
counted on in the future with a high degree of certainty.



What should be considered when deciding on a time period for a budget? - CORRECT
ANSWER Amount of financial activity



What should be included in a short-term budget? - CORRECT ANSWER Monthly
water bill expenses



Which item is a living expense? - CORRECT ANSWER Health care premiums



other ex: housing, food, taxes



What is an example of a macro factor in planning a budget? - CORRECT ANSWER
Interest rates



Jim made a budget and tracked his expenses in the month of June.



Expected Actual

,LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Rent $1,200 $1,200

Gas and Travel $150 $220

Groceries $400 $310

Eating out $100 $180 Savings contrib $40 $40



What can Jim do in July to make his expected budget align more closely with his actual
budget? - CORRECT ANSWER Eat at restaurants less, and get more groceries to
cook at home.



Marcus collected this data in his budget for the month of March:



Cash from handyman work $70

Paycheck income $1,500

Rent and bills -$800

Purchase of lawnmower -$150

Total income $1570

Total Expenses -$950



Which description matches Marcus' March budget? - CORRECT ANSWER He ran a
surplus of $620.

,LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Why is financial accounting information valuable to consumers? - CORRECT ANSWER
External users can evaluate the financial health of a business.



How would a bank use financial accounting information? - CORRECT ANSWER To
approve lines of credit



What information does a balance sheet show? - CORRECT ANSWER Financial
position of a business at a specific date



Which group should make use of financial accounting information when determining
whether to open an additional store location? - CORRECT ANSWER Owners and
managers



Which organization is focused on developing generally accepted accounting principles
(GAAP) within the United States? - CORRECT ANSWER Financial Accounting
Standards Board (FASB)



How would an employee labor union use financial accounting information? - CORRECT
ANSWER To determine ability to pay an increase in wages



Which statement is a financial accounting statement? - CORRECT ANSWER Income
statement

, LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
When considering accounting journal entries and the preparation of financial statements,
debits will increase ____. - CORRECT ANSWER Liabilities and revenues



What is a benefit of adopting a single set of international accounting standards? -
CORRECT ANSWER More uniform financial reporting among international companies



What is a drawback of the United States using International Financial Reporting
Standards (IFRS)? - CORRECT ANSWER It would cost U.S. companies time and
money in the short term to adopt.



What must an accountant record when journalizing a transaction? - CORRECT ANSWER
Description of the transaction



What does double-entry accounting refer to? - CORRECT ANSWER Recording equal
debits and credits for each transaction



What are the key components of every double-entry accounting record? - CORRECT
ANSWER At least one debit entry and at least one credit entry



What is a characteristic of an asset account? - CORRECT ANSWER Increases with a
debit

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Courseinstructor. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

BMAL 590 Business Finance_3 Exam Questions and Answers 100% Accurate

Exam (elaborations) ·

(0)

Marketo Certified Expert Questions and Answers | Already Passed
$15.49
  • (0)
Add to cart
Added