WGU D102 FINANCIAL ACCOUNTING UNIT 3 EXAM WITH GUARANTEED ACCURATE ANSWERS
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Course
WGU D102 FINANCIAL ACCOUNTING UNIT 3
Institution
WGU D102 FINANCIAL ACCOUNTING UNIT 3
Business documents - ACCURATE ANSWERS 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 - ACCURATE ANSWERS 1. Analyze transactions
2. Record the effects of transactions
3...
WGU D102 FINANCIAL ACCOUNTING
UNIT 3 EXAM
WGU D102 FINANCIAL ACCOUNTING UNIT 3 EXAM WITH GUARANTEED
ACCURATE ANSWERS
Business documents - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ 1. Analyze
transactions
2. Record the effects of transactions
3. Summarize the effects of transactions
4. Prepare reports
, Account - ACCURATE ANSWERS✔✔ an accounting record in which
the results of transactions are accumulated; shows increases, decreases,
and a balance
T-account - ACCURATE ANSWERS✔✔ a simplified depiction of an
account in the form of a letter T
Debit (abbreviated Dr) - ACCURATE ANSWERS✔✔ an entry on the
left side of a T-account
Credit (abbreviated Cr) - ACCURATE ANSWERS✔✔ an entry on the
right side of a T-account
Three basic facts regarding double-entry accounting - ACCURATE
ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ the process of
determining how an economic event impacts the financial statements
Excretory contract - ACCURATE ANSWERS✔✔ it is an exchange of
promises about the future
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