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LATEST WGU PRINCIPLES OF ACCOUNTING VYC QUESTIONS WITH 100% CORRECT ANSWERS $15.49
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LATEST WGU PRINCIPLES OF ACCOUNTING VYC QUESTIONS WITH 100% CORRECT ANSWERS
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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 ...

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

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  • 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

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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

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