WGU VYC1 Principles of Accounting Study Guide | Financial Statements, Debits & Credits, and Accounting Basics (2026 Updated)

WGU of
WGU VYC1 Principles Principles o fComplete
Accounting Acco unting
ExamVYC1
Study Guide, Practice Questions & Verified Answers (2026 Updated)
Study this set o nline at: https://www.cram.co m/flashcards/wgu-principles-o f-
acco unting-vyc1-8788985




Accounti ng T akes data f rom source documents and turns i nto meani ngf ul i nf o




6 Account Categori es Assets, l i abi l i ti es, equi ty, revenue, expenses, drawi ngs




Assets I tems a company uses to produce f uture revenue




E xpense Cost i ncurred to hel p produce revenue

, WGU of
WGU VYC1 Principles Principles o fComplete
Accounting Acco unting
ExamVYC1
Study Guide, Practice Questions & Verified Answers (2026 Updated)
Study this set o nline at: https://www.cram.co m/flashcards/wgu-principles-o f-
acco unting-vyc1-8788985




Li abi l i ti es A company's debt




D rawi ng Money taken out of a busi ness by i t's sol e owner




Revenue What a company earns when i t sel l s a product or servi ce




Capi tal / E qui ty Level of ownershi p i n a busi ness