wgu d102 financial accounting unit 2
Exam – questions with Accurate Answers
balance sheet - -a listing of an organization's assets and of its liabilities at a
certain time
- A=L+OE - -Assets = Liabilities + Owner's Equity
- assets - -economic resources that are owned or controlled by a company
- liabilities - -the economic obligations of a company, composed primarily of
the money or services that the company owes to its creditors
- owner's equity - -the residual interest in the assets that remain of an
entity after its liabilities have been deducted
- stockholders - -those who own a corporation by owning shares of stock in
that corporation: also called shareholders
- stockholders' equity - -a term sometimes used to describe the owners'
equity section of a corporate balance sheet; the difference between assets
and liabilities in a corporation
- dividends - -payments made by a company to owners of the company's
stock
- current assets - -cash, accounts receivable, and inventory
- long-term investments - -those assets that you expect to still be around
next year when you prepare the balance sheet again
- property, plant, and equipment(PPE) - -land, buildings, machinery, tools,
furniture, fixtures, and vehicles used by a company in conducting its
business activities
- accumulated depreciation - -reflects the wear and tear, or depreciation, of
items since they were originally purchased
- current liabilites - -those obligations expected to be paid within one year,
the most common being accounts payable
- additional paid-in capital - -capital invested by stockholders that exceeds
the par value of the issued shares
Exam – questions with Accurate Answers
balance sheet - -a listing of an organization's assets and of its liabilities at a
certain time
- A=L+OE - -Assets = Liabilities + Owner's Equity
- assets - -economic resources that are owned or controlled by a company
- liabilities - -the economic obligations of a company, composed primarily of
the money or services that the company owes to its creditors
- owner's equity - -the residual interest in the assets that remain of an
entity after its liabilities have been deducted
- stockholders - -those who own a corporation by owning shares of stock in
that corporation: also called shareholders
- stockholders' equity - -a term sometimes used to describe the owners'
equity section of a corporate balance sheet; the difference between assets
and liabilities in a corporation
- dividends - -payments made by a company to owners of the company's
stock
- current assets - -cash, accounts receivable, and inventory
- long-term investments - -those assets that you expect to still be around
next year when you prepare the balance sheet again
- property, plant, and equipment(PPE) - -land, buildings, machinery, tools,
furniture, fixtures, and vehicles used by a company in conducting its
business activities
- accumulated depreciation - -reflects the wear and tear, or depreciation, of
items since they were originally purchased
- current liabilites - -those obligations expected to be paid within one year,
the most common being accounts payable
- additional paid-in capital - -capital invested by stockholders that exceeds
the par value of the issued shares
