WGU C201 Ch15 Understanding
accounting and financial statements
owner's equity - ANS According to the accounting equation, a claim against the assets of the
business; excess of assets over liabilities is (_____).
certified public accountant - ANS A(n) (_____) is a professional who has met specified
educational and experiential requirements, and passed a comprehensive examination on
accounting theory and practice.
certified management accountant - ANS A certified accountant employed by a business other
than a public accounting firm is called (_____).
asset - ANS A(n) (_____) is defined as anything of value owned or leased by a business.
accounting - ANS (_____) is the activity of measuring, interpreting, and communicating financial
information for internal and external decision making.
double entry bookkeeping - ANS (_____) is the practice of recording each transaction with an
offsetting transaction.
liability - ANS (_____) is the term that describes any creditor's claims against the business.
balance sheet - ANS Like a ""photograph in time"", the (_____) shows the financial position of
an organization as of a given date and makes explicit the basic accounting equation.
management accountant - ANS A professional accountant employed by a firm to develop
financial information used by the firm's own management is called a(n)(_____).
budget - ANS A (_____) is a planning and control tool that reflects projected revenues,
operating expenses, cash receipts, and outlays for a future time period.
accounting cycle - ANS The (_____) is the method of converting information about individual
transactions into financial statements.
public accountant - ANS An independent professional who provides accounting services for
both business and individuals is a(n) (_____).
income statement - ANS The (_____) is the financial statement that reflects the income,
expenses, and profits of a business over a period of time, like a "video in time". It is also known
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 phylliswambui. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
