Debit abbreviated dr - Study guides, Class notes & Summaries

WGU D102 Financial Accounting Unit 3 Exam With 100% Correct Answers 2024

Chapter 02 1. Accounts are records of increases and decreases in individual financial statement items. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16. ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.FN.03 - MeasurementBUSPROG: Analytic 2. A chart of accounts is a listing of accounts that make up the journal. a. True b. False ANSWER: False DIFFICULTY: Easy Bloom’s: Remembering...

FAC1503 Financial Accounting Principles For Law Practitioners SUMMARY STUDY NOTES 2021 (learning unit 2). Contents Learning outcomes ................................................................................................................... 2 Key concepts ............................................................................................................................ 2 Acronyms ....................................................................................................

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 performan...

FAC1503 SUMMARY STUDY NOTES 2021 (learning unit 2) The financial records of an entity only deal with transactions that are measured in monetary terms. The duality of the financial accounting system better known as the double-entry system is a method whereby the transactions are recorded systematically to show the giving and receiving of value. The accounting cycle details the formal accounting process. The steps discussed in this learning unit are as follows (indicated by yellow shading)...

Test Bank Accounting 25th Edition by Carl S. Warren, James M. Reeve and Jonathan Duchac/ TEST BANK ACCOUNTING 25TH EDITION BY CARL S. WARREN, JAMES M. REEVE AND JONATHAN DUCHAC Chapter 2: Analyzing Transactions 1. Accounts are records of increases and decreases in individual financial statement items. TRUE 2. A chart of accounts is a listing of accounts that make up the journal. True False 3. The chart of accounts should be ...

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 performan...