WGU D102 FINANCIAL ACCOUNTING TERMS WITH GUARANTEED ACCURATE ANSWERS
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Course
WGU D102 FINANCIAL ACCOUNTING
Institution
WGU D102 FINANCIAL ACCOUNTING
Account - ACCURATE ANSWERS an accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance
Accounts receivable - ACCURATE ANSWERS a current asset representing money due for services performed or merchandise sold on credit
Accrual accounting...
WGU D102 FINANCIAL ACCOUNTING
TERMS
WGU D102 FINANCIAL ACCOUNTING TERMS WITH GUARANTEED ACCURATE
ANSWERS
Account - ACCURATE ANSWERS✔✔ an accounting record in which
the results of transactions are accumulated; shows increases, decreases,
and a balance
Accounts receivable - ACCURATE ANSWERS✔✔ a current asset
representing money due for services performed or merchandise sold on
credit
Accrual accounting - ACCURATE ANSWERS✔✔ 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
,Accrual basis accounting - ACCURATE ANSWERS✔✔ 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
Accumulated depreciation - ACCURATE ANSWERS✔✔ reflects the
wear and tear, or depreciation, of items since they were originally
purchased
Additional paid-in capital - ACCURATE ANSWERS✔✔ capital
invested by stockholders that exceeds the par value of the issued shares
Adjusting entries - ACCURATE ANSWERS✔✔ entries required at the
end of each accounting period to recognize, on an accrual basis,
revenues and expenses for the period and to report proper amounts for
asset, liability, and owners' equity accounts
Allowance method - ACCURATE ANSWERS✔✔ the recording of
estimated losses due to uncollectible accounts as expenses during the
period in which the sales occurred
Allowance for bad debts - ACCURATE ANSWERS✔✔ a contra
account, deducted from accounts receivable, that shows the estimated
losses from uncollectible accounts
, Amortization - ACCURATE ANSWERS✔✔ the process of cost
allocation that assigns the original cost of an intangible asset to the
periods benefited
Articulatoin - ACCURATE ANSWERS✔✔ the interrelationship among
the financial statements
Assets - ACCURATE ANSWERS✔✔ economic resources that are
owned or controlled by a company
Audit committee - ACCURATE ANSWERS✔✔ members of a
company's board of directors who are responsible for dealing with the
external and internal auditors
Average costing - ACCURATE ANSWERS✔✔ an inventory cost flow
assumptions whereby cost of goods sold and the cost of ending
inventory are determined by using an average cost of all merchandise
available for sale during the period
Bad debt expense - ACCURATE ANSWERS✔✔ an account that
represents the portion of the current period's credit sales that are
estimated to be uncollectible
Bad debts - ACCURATE ANSWERS✔✔ an uncollecible account
receivable
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