WGU D103 CERTIFICATION EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ Accounting Principles Board (APB). Answer: An accounting rule-
making board which provided official pronouncements, called APB
Opinions, from 1959 through 1973.
◉ Accounting Research Bulletins. Answer: Pronouncements issued by
CAP dealing with a variety of timely accounting problems during the
years 1939 to 1959.
◉ Accrued Expenses. Answer: Expenses incurred but not yet paid.
◉ Accrued Revenues. Answer: Revenues for which the performance
obligation has been satisfied, but for which cash has not yet been
received.
◉ Adjusted Trial Balance. Answer: A trial balance prepared immediately
after all adjustments have been posted.
◉ Adjusting Entries. Answer: Entries made at the end of an accounting
period to bring all accounts up to date on an accrual accounting basis.
,◉ American Institute of Certified Public Accountants (AICPA). Answer:
The national professional organization of practicing Certified Public
Accountants.
◉ Book Value. Answer: The difference between the cost of an asset and
its related accumulated depreciation.
◉ Closing Process. Answer: The formal process by which all nominal
accounts are reduced to zero to prepare the accounts for the next period's
transactions.
◉ Committee On Accounting Procedure (CAP). Answer: An
organization composed of practicing CPAs which issued Accounting
Research Bulletins dealing with a variety of accounting problems during
the years 1939 to 1959.
◉ Comparability. Answer: Ability to compare accounting information of
different companies because they measure and report information in a
similar manner.
◉ Completeness. Answer: All information necessary for faithful
representation is provided.
◉ Conceptual Framework. Answer: A coherent system of interrelated
objectives and fundamentals that can lead to consistent standards.
, ◉ Confirmatory Value. Answer: Information that confirms or corrects
prior expectations.
◉ Consistency. Answer: An entity applies the same accounting treatment
to similar events from period to period.
◉ Contra Asset Account. Answer: An account that offsets an asset
account on the balance sheet.
◉ Cost Constraint. Answer: The constraint that states that information
should be provided only if the benefits of providing such information
outweigh the costs of providing it.
◉ Cost-benefit Relationship. Answer: The costs of something weighed
against the benefits that can be derived.
◉ Current Assets. Answer: Cash and other assets expected to be
converted into cash, sold, or consumed either in one year or in the
operating cycle, whichever is longer.
◉ Current Liabilities. Answer: Obligations that are reasonably expected
to be liquidated either through the use of current assets or the creation of
other current liabilities within the longer of 1 year or the operating cycle.
QUESTIONS WITH ANSWERS GRADED A+
◉ Accounting Principles Board (APB). Answer: An accounting rule-
making board which provided official pronouncements, called APB
Opinions, from 1959 through 1973.
◉ Accounting Research Bulletins. Answer: Pronouncements issued by
CAP dealing with a variety of timely accounting problems during the
years 1939 to 1959.
◉ Accrued Expenses. Answer: Expenses incurred but not yet paid.
◉ Accrued Revenues. Answer: Revenues for which the performance
obligation has been satisfied, but for which cash has not yet been
received.
◉ Adjusted Trial Balance. Answer: A trial balance prepared immediately
after all adjustments have been posted.
◉ Adjusting Entries. Answer: Entries made at the end of an accounting
period to bring all accounts up to date on an accrual accounting basis.
,◉ American Institute of Certified Public Accountants (AICPA). Answer:
The national professional organization of practicing Certified Public
Accountants.
◉ Book Value. Answer: The difference between the cost of an asset and
its related accumulated depreciation.
◉ Closing Process. Answer: The formal process by which all nominal
accounts are reduced to zero to prepare the accounts for the next period's
transactions.
◉ Committee On Accounting Procedure (CAP). Answer: An
organization composed of practicing CPAs which issued Accounting
Research Bulletins dealing with a variety of accounting problems during
the years 1939 to 1959.
◉ Comparability. Answer: Ability to compare accounting information of
different companies because they measure and report information in a
similar manner.
◉ Completeness. Answer: All information necessary for faithful
representation is provided.
◉ Conceptual Framework. Answer: A coherent system of interrelated
objectives and fundamentals that can lead to consistent standards.
, ◉ Confirmatory Value. Answer: Information that confirms or corrects
prior expectations.
◉ Consistency. Answer: An entity applies the same accounting treatment
to similar events from period to period.
◉ Contra Asset Account. Answer: An account that offsets an asset
account on the balance sheet.
◉ Cost Constraint. Answer: The constraint that states that information
should be provided only if the benefits of providing such information
outweigh the costs of providing it.
◉ Cost-benefit Relationship. Answer: The costs of something weighed
against the benefits that can be derived.
◉ Current Assets. Answer: Cash and other assets expected to be
converted into cash, sold, or consumed either in one year or in the
operating cycle, whichever is longer.
◉ Current Liabilities. Answer: Obligations that are reasonably expected
to be liquidated either through the use of current assets or the creation of
other current liabilities within the longer of 1 year or the operating cycle.
