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Financial Accounting - D102 WGU exam(145 questions and answers).
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Financial Accounting - D102 WGU exam(145 questions and answers).
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FinancialAccounting -
D102 WGU
exam(145
questions and
answers)
is a listing of an organization's assets and of
its liabilities at a certain time.
balance sheet
difference between assets and liabilities is
called
Equity
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can be thought of as the amount of the
assets that the owners of the organization
can really call their own, the amount that
would be left if all the liabilities were paid
off.
Equity
basic accounting equation:
Assets = Liabilities + Owner's Equity
can be used to evaluate a company's
financial position by comparing the
company's resources with its obligations.
balance sheet
,are economic resources that are owned or
controlled by a company.
Assets
Cash-Coins, currency, checks. The amount in
a company's checking account.
Accounts Receivable-Amounts owed to a
company that sold goods or services to a
customer on credit. If you have a balance on
your credit card, the credit card company
classifies the amount you owe them as an
account receivable.
Inventory-Items that are purchased or
manufactured by a company and are resold.
The items you see on the shelves in Walmart
are considered by Walmart as inventory.
Buildings-Structures used in the operations
of a business. The physical store itself is
classified by Walmart as a building.
Examples of Assets
are the economic obligations of a company
and include primarily the money or services
that the company owes its creditors.
___________often supply the funds a company
uses to acquire its assets.
, Liabilities
Accounts Payable-Amount owed as a result of
the purchase of goods and services on credit.
The amount owed by a company for inventory
that was purchased on credit and has not
been paid for yet.
Taxes Payable-Amount owed to federal and
state governments resulting from the
application of tax laws. Corporate income tax
or employment taxes owed but not yet paid.
Mortgage Payable-Amount owed relating to
the purchase of property. The loan associated
with the purchase of a home or building.
Unearned Revenue-Amount owed in services
or product (not money) to a customer who
paid in advance. Magazines a company owes
a customer who bought a 12-month magazine
subscription.
Examples of Liabilities
The residual interest in the assets that
remain of an entity after its liabilities have
been deducted is the
owners' equity
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