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wgu D102 financial accounting all terms with accurate definitions
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wgu D102 financial accounting all terms with accurate definitions
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wgu D102financial
accounting all
terms with
accurate
definitions
account - answer an accounting record in
which the results of transactions are
accumulated; shows increases, decreases,
and a balance
accounts receivable - answer a current asset
representing money due for services
performed or merchandise sold on credit
,accrual accounting - answer 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 - answer 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 - answer reflects
the wear and tear, or depreciation, of items
since they were originally purchased
additional paid-in capital - answer capital
invested by stockholders that exceeds the
par value of the issued shares
adjusting entries - answer 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 - answer the recording of
estimated losses due to uncollectible
accounts as expenses during the period in
which the sales occurred
allowance for bad debts - answer a contra
account, deducted from accounts receivable,
that shows the estimated losses from
uncollectible accounts
amortization - answer the process of cost
allocation that assigns the original cost of an
intangible asset to the periods benefited
articulatoin - answer the interrelationship
among the financial statements
assets - answer economic resources that are
owned or controlled by a company
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