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WGU D102 Financial accounting unit 3- questions and answers
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WGU D102 Financial accounting unit 3- questions and answers

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

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  • wgu d102 financial accounting unit 3 questions an

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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

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