WGU C201 Ch15 Understanding accounting and financial statements Prep Questions And Answers.
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Wgu cpa
Institution
Wgu Cpa
owner's equity - Answer According to the accounting equation, a claim against the assets of the business; excess of assets over liabilities is (_____).
certified public accountant - Answer A(n) (_____) is a professional who has met specified educational and experiential requirements, and p...
WGU C201 Ch15 Understanding
accounting and financial statements
Prep Questions And Answers.
owner's equity - Answer According to the accounting equation, a claim against the assets of the
business; excess of assets over liabilities is (_____).
certified public accountant - Answer A(n) (_____) is a professional who has met specified educational
and experiential requirements, and passed a comprehensive examination on accounting theory and
practice.
certified management accountant - Answer A certified accountant employed by a business other than a
public accounting firm is called (_____).
asset - Answer A(n) (_____) is defined as anything of value owned or leased by a business.
accounting - Answer (_____) is the activity of measuring, interpreting, and communicating financial
information for internal and external decision making.
double entry bookkeeping - Answer (_____) is the practice of recording each transaction with an
offsetting transaction.
liability - Answer (_____) is the term that describes any creditor's claims against the business.
balance sheet - Answer Like a ""photograph in time"", the (_____) shows the financial position of an
organization as of a given date and makes explicit the basic accounting equation.
management accountant - Answer A professional accountant employed by a firm to develop financial
information used by the firm's own management is called a(n)(_____).
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