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
WGU D102 Financial accounting unit 3- questions and answers $7.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU D102 Financial Accounting Unit 3-
  4.  
  5. WGU D102 Financial accounting unit 3-

Exam (elaborations)

WGU D102 Financial accounting unit 3- questions and answers
 11 views  0 purchase
  • Course
  • WGU D102 Financial accounting unit 3-
  • Institution
  • WGU D102 Financial Accounting Unit 3-

WGU D102 Financial accounting unit 3- questions and answers

Preview 1 out of 2  pages

Document information

  • October 9, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • wgu d102 financial accounting unit 3 questions an

Written for

  • WGU D102 Financial accounting unit 3-
  • WGU D102 Financial accounting unit 3-

Seller

avatar-seller
Nursephil2023

Reviews received

Content preview

WGU D102 Financial accounting
unit 3- questions and answers
business documents - -records of transactions used as the basis for
recording accounting entries; include invoices, check stubs, receipts, and
similar business papers

- 4 steps of accounting cycle - -1. analyze transactions
2. record the effects of transactions
3. summarize the effects of transactions
4. prepare reports

- account - -an accounting record in which the results of transactions are
accumulated; shows increases, decreases, and a balance

- t-account - -a simplified depiction of an account in the form of a letter T

- debit (abbreviated Dr) - -an entry on the left side of a T-account

- credit (abbreviated Cr) - -an entry on the right side of a T-account

- three basic facts regarding double-entry accounting - -1. debits are always
entered on the left side of an account and credits on the right side
2. for every transaction, there must be at least one debit and one credit
3. debits mus always equal credits for each transaction

- transaction analysis - -the process of determining how an economic event
impacts the financial statements

- excretory contract - -it is an exchange of promises about the future

- assets can be acquired in four basic ways - -1. in exchange of another
asset
2. by borrowing the money to buy the asset
3. by owners investing the money to buy the asset
4. by generating the asset in the normal course of business by providing
value to a customer

- assets can be used, or given away, in four basic ways - -1. in exchange for
another asset
2. in repayment of a loan
3. in returning assets to owners, such as through dividends
4. by consumption of the asset in the normal course of business in the
process of providing value to a customer

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 Nursephil2023. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.49
  • (0)
  Add to cart