WGU VYC1 Principles of Accounting Final Exam Questions With Solved Solutions.
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Wgu cpa
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Wgu Cpa
Eight steps of the accounting cycle 1 - Answer accounting cycle: Analyze transactions by examining source documents 1.
Accounts Payable - Answer Amounts a business must pay in the future.
Accounts Receivable - Answer Claims for future collection from customers.
Assets - Answer ...
WGU VYC1 Principles of Accounting
Final Exam Questions With Solved
Solutions.
Eight steps of the accounting cycle 1 - Answer accounting cycle: Analyze transactions by examining
source documents 1.
Accounts Payable - Answer Amounts a business must pay in the future.
Accounts Receivable - Answer Claims for future collection from customers.
Assets - Answer Property owned by a business.
Balance Sheet - Answer A formal report of a business' financial condition on a certain date; reports the
assets, liabilities, and owner's equity of the business.
Break Even - Answer A point at which revenue equals expenses.
Business Transactions - Answer A financial event that changes the resources of a firm.
Capital - Answer Financial investment in a business; equity.
Equity - Answer An owner's financial interest in a business.
Expense - Answer An outflow of cash, use of other assets, or incurring of a liability.
Fair Market Value - Answer The current worth of an asset or the price the asset would bring if sold on
the open market.
,Fundamental Accounting Equation - Answer The relationship between assets and liabilities plus the
owner's equity.
Income Statement - Answer A formal report of business operations covering a specific period of time;
also called a profit and loss statement or a statement of income and expenses.
Liabilities - Answer Debts or obligations of a business.
Net Income - Answer The result of an excess of revenue over expenses.
Net Loss - Answer The result of an excess of expenses over revenue.
On Account - Answer An arrangement to allow payment at a later date; also called a charge account or
open-account credit.
Owner's Equity - Answer The financial interest of the owner of a business; also called proprietorship or
net worth.
Revenue - Answer An inflow of money or other assets that results from the sales of goods or services
or from the use of money or property; also called income.
Statement of Owner's Equity - Answer A formal report of changes that occurred in the owner's
financial interest during a reporting period.
Withdrawals - Answer Funds taken from the business by the owner for personal use.
Accounting - Answer The process by which financial information about a business is recorded,
classified, summarized, interpreted, and communicated to owners, managers, and other interested
parties.
Accounting System - Answer A process designed to accumulate, classify, and summarize financial data.
, Auditing - Answer The review of financial statements to assess their fairness and adherence to
generally accepted accounting principles.
Auditor's Report - Answer An independent accountant's review of a firm's financial statements.
Certified Public Accountant (CPA) - Answer An independent accountant who provides accounting
services to the public for a fee.
Corporation - Answer A publicly or privately owned business entity that is separate from its owners and
has a legal right to own property and do business in its own name; stockholders are not responsible for
the debts or taxes of the business.
Creditor - Answer One to whom money is owned.
Discussion Memorandum - Answer An explanation of a topic under consideration by the Financial
Accounting Standards Board.
Economic Entity - Answer A business or organization whose major purpose is to produce a profit for its
owners.
Entity - Answer Anything having its own separate identity, such as an individual, a town, a university, or
a business.
Exposure Draft - Answer A proposed solution to a problem being considered by the Financial
Accounting Standards Board.
Financial Statements - Answer Periodic Reports of a firm's financial position or operating results.
Generally Accepted Accounting Principles (GAAP) - Answer Accounting standards developed and
applied by professional accountants.
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