Accounting system correct answers What system uses these 3?
1. Analyzes transactions
2. Bookkeeping
3. Evaluation
Analyze transaction correct answers -Information captured by the accounting system
-as they occur good or bad news more or less than before
Bookkeeping correct answers -Day to...
WGU D196 || with Errorless Solutions 100%.
Accounting system correct answers What system uses these 3?
1. Analyzes transactions
2. Bookkeeping
3. Evaluation
Analyze transaction correct answers -Information captured by the accounting system
-as they occur good or bad news more or less than before
Bookkeeping correct answers -Day to day keeping track of things
-recordings
Evaluation correct answers -Financial (Summary) information to evaluate(determine)
performance and health of the business
-structure of the data
-more or less budgeting
Accounting correct answers System for providing quantitive/financial information about
economic entities to be useful in making economic decisions
Decision correct answers What key component gives you Past information that points to the
future
The decision-making process correct answers Ensures a good decision is made
The decision-making process correct answers 1. Identify the issue
2. Gather information (accounting)
3. Identify alternatives
4. Select the option that will most likely result in a desired objective.
Role and purpose of accounting correct answers It is designed to accumulate, measure, and
communicate(advising) financial information about businesses and other organizations.
Accounting correct answers Provides information for making informed decisions about how to
best use available resources.
, Business correct answers An organization operated with the objective of making any profit from
the sale of goods or services. (For its owners)
Nonprofit organization correct answers An entity without a profit objective, oriented toward
providing services efficiently and effectively.
Economic entity correct answers Needs to keep track of its economic activities and measure how
well it is accomplishing its goals.
Economic entity correct answers Individual, a business enterprise, or a nonprofit organization.
Capital and financing correct answers The money used by the business to get the resources
needed
Capital correct answers Also known as Monetary Resources
-come from investors(owners), creditors(lenders), and business earnings
Capital correct answers -Buy land, buildings and equipment
-purchase materials and supplies
-Pay employees
-Pay other operating expenses
Revenues correct answers The amount of assets created through the sales of goods and services.
(monetary resources from sales of goods and services) *Selling
-an INCREASE in a company's resources through a normal business transaction.
Revenues correct answers -Pay a return to owners on their investment
-Pay loans
-Pay taxes
-continue business activities (buy materials,pay wages, etc.)
Accounting cycle correct answers The procedures for analyzing, recording, classifying,
summarizing, and reporting the transactions of a business.
Management accounting correct answers The area of accounting concerned with providing
INTERNAL Financial reports to assist management and making decisions.
Financial accounting correct answers The area of accounting concerned with report financial
information to interested EXTERNAL parties
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