Wgud196 - Study guides, Class notes & Summaries

WGU D196: Pre-Assessment Questions With Answers | Latest Update Graded A+ | 100% Correct. What is a transaction? Two parties exchanging something of value A type of commonly used accounting software A category of merchandiser or retailer An example of an online business document ANS Two parties exchanging some- thing of value 8. A company borrowed $80,000 cash from a bank. How does this transaction affect the accounting equation of the borrowing company? Assets increase by $80,000; liab...

Accounting - ANSWER A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of those activities. Accounting Cycle - ANSWER The procedure for analyzing, recording, summarizing, and reporting the transactions of a business. Accounting Equation - ANSWER An algebraic equation that expresses the relationship between asse...

What information does a balance sheet provide to a decision maker? Summary of the operating performance of a company during a period Summary of the financial position of a company at a particular date Summary of the cash flows of a company during a period Summary of the operating performance of a company at a particular date ANS - Summary of the financial position of a company at a particular date 19. What is an account payable? The amount owed by a company that purchased goods or servic...

Which type of account are accounts payable and notes payable both examples of? Liability Asset Expense Equity ANS Liability 5 / 11 10. What is the purpose of the financial accounting cycle? To collect confidential information for management to use as a competitive tool To turn information about transactions into financial statements To gather information related to the expenses and income generated by a company To produce and analyze a company's monthly bank statement ANS To turn ...

The production budget - ANSWER Sales budget + ending finished goods inventory - beginning finished goods inventory direct materials production budget - ANSWER Production budget × direct materials per unit the direct materials purchases budget - ANSWER Direct materials production budget + ending direct materials inventory - beginning direct materials inventory Cash collected from customers - ANSWER (current period revenue × current period collection rate) + cash collected from previous p...

where does capital come from (3) - investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting - financial and managerial managerial accounting - gather and analysis of information for internal use and decision making. financial accounting - gather, report, analysis of information for external users- investors and creditors. summary of a business what does managerial accounting review - product cost, breakeven analysis, budgeting, performance analysi...

WGU D196-Principles of Financial and Managerial Accounting Exam Solutions 2023 Rated 100%. Absolute Cell Reference - ANSWER A cell reference that remains constant when a formula is pasted into a new cell Account - ANSWER An accounting record in which the results of transactions accumulated; shows increases, decreases, and a balance. Accounting - ANSWER A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accou...

WGU D196 Final Exam A Complete Solution (Questions and Answers) 2023 | Principles of Financial and Managerial Accounting. gasb- what does it stand for, who are they, what do they do - governmental accounting standards board sets accounting and financial reporting standards for state and legal governments. authority over financial reporting by government entities 1 of the two boards that make up GAAP gaap - generally accepted accounting principles sec - Securities and Exchange Commission r...

WGU D196-Principles of Financial and Managerial Accounting Exam Solutions 2023 Rated 100%. Accounting Cycle - ANSWER The procedure for analyzing, recording, summarizing, and reporting the transactions of a business. Accounting Equation - ANSWER An algebraic equation that expresses the relationship between assets (resources), liabilities (obligations), and owner's equity (net assets, or the residual interest in a business after all liabilities have been met): Assets = Liabilities + Owners'...

WGU D196 Final Exam A Complete Solution (Questions and Answers) 2023 | Principles of Financial and Managerial Accounting. managerial accounting - gather and analysis of information for internal use and decision making. financial accounting - gather, report, analysis of information for external users- investors and creditors. summary of a business what does managerial accounting review - product cost, breakeven analysis, budgeting, performance analysis, outsource production what does financ...