LATEST WGU PRINCIPLES OF ACCOUNTING VYC QUESTIONS WITH 100% CORRECT ANSWERS
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WGU PRINCIPLES OF ACCOUNTING VYC1
Institution
WGU PRINCIPLES OF ACCOUNTING VYC1
What is an example of recurring income? - CORRECT ANSWER bank account interest
Recurring revenue is the portion of a company's revenue that is highly likely to continue in the future. Recurring revenue is revenue that is predictable, stable and can be counted on in the future with a high ...
LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
What is an example of recurring income? - CORRECT ANSWER bank account
interest
Recurring revenue is the portion of a company's revenue that is highly likely to continue
in the future. Recurring revenue is revenue that is predictable, stable and can be
counted on in the future with a high degree of certainty.
What should be considered when deciding on a time period for a budget? - CORRECT
ANSWER Amount of financial activity
What should be included in a short-term budget? - CORRECT ANSWER Monthly
water bill expenses
Which item is a living expense? - CORRECT ANSWER Health care premiums
other ex: housing, food, taxes
What is an example of a macro factor in planning a budget? - CORRECT ANSWER
Interest rates
Jim made a budget and tracked his expenses in the month of June.
Expected Actual
,LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Rent $1,200 $1,200
Gas and Travel $150 $220
Groceries $400 $310
Eating out $100 $180 Savings contrib $40 $40
What can Jim do in July to make his expected budget align more closely with his actual
budget? - CORRECT ANSWER Eat at restaurants less, and get more groceries to
cook at home.
Marcus collected this data in his budget for the month of March:
Cash from handyman work $70
Paycheck income $1,500
Rent and bills -$800
Purchase of lawnmower -$150
Total income $1570
Total Expenses -$950
Which description matches Marcus' March budget? - CORRECT ANSWER He ran a
surplus of $620.
,LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Why is financial accounting information valuable to consumers? - CORRECT ANSWER
External users can evaluate the financial health of a business.
How would a bank use financial accounting information? - CORRECT ANSWER To
approve lines of credit
What information does a balance sheet show? - CORRECT ANSWER Financial
position of a business at a specific date
Which group should make use of financial accounting information when determining
whether to open an additional store location? - CORRECT ANSWER Owners and
managers
Which organization is focused on developing generally accepted accounting principles
(GAAP) within the United States? - CORRECT ANSWER Financial Accounting
Standards Board (FASB)
How would an employee labor union use financial accounting information? - CORRECT
ANSWER To determine ability to pay an increase in wages
Which statement is a financial accounting statement? - CORRECT ANSWER Income
statement
, LATEST WGU PRINCIPLES OF ACCOUNTING
VYC1 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
When considering accounting journal entries and the preparation of financial statements,
debits will increase ____. - CORRECT ANSWER Liabilities and revenues
What is a benefit of adopting a single set of international accounting standards? -
CORRECT ANSWER More uniform financial reporting among international companies
What is a drawback of the United States using International Financial Reporting
Standards (IFRS)? - CORRECT ANSWER It would cost U.S. companies time and
money in the short term to adopt.
What must an accountant record when journalizing a transaction? - CORRECT ANSWER
Description of the transaction
What does double-entry accounting refer to? - CORRECT ANSWER Recording equal
debits and credits for each transaction
What are the key components of every double-entry accounting record? - CORRECT
ANSWER At least one debit entry and at least one credit entry
What is a characteristic of an asset account? - CORRECT ANSWER Increases with a
debit
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