Exam (elaborations)
WGU D102 Financial Accounting Unit 4(with 100- correct answers)
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WGU D102 Financial Accounting Unit 4(with 100- correct answers)
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WGU D102Financial
Accounting Unit
4(with 100%
correct answers)
Generally accepted accounting principles
(GAAP) - answer a common set of accepted
accounting principles, standards, and
procedures that companies and their
accountants must follow when they compile
their financial statements
accrual accounting - answer the process of
recording expenses and revenues when
incurred and earned, regardless of when cash
is received, and of adjusting original
transaction data into refined measures of a
, firm's past economic performance and
current economic condition
time period concept - answer the idea that
the life of a business is divided into distinct
and relatively short time periods so that
accounting information can be timely
fiscal year - answer an entity's reporting
year, covering a 12-month accounting period
calendar year - answer an entity's reporting
year, from January 1 to December 31
accrual basis accounting - answer a system
of accounting in which revenues and
expenses are recorded as they are earned
and incurred, not necessarily when cash is
received or paid
revenue recognition principle - answer the
idea that revenues should be recorded when
(1) the earnings process has been
substantially completed and (2) cash has
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