WGU D102 FINANCIAL ACCOUNTING 64
COMPREHENSIVE COURSE REVIEW
◉ accounts receivable.
Answer: a current asset representing money due for services
performed or merchandise sold on credit
◉ account.
Answer: an accounting record in which the results of transactions
are accumulated; shows increases, decreases, and a balance
◉ 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 performance and current economic condition
◉ accrual basis accounting.
Answer: a system of accounting in which revenues and expenses are
recorded as they are earned and incurred, not necessarily when cash
is received or paid
◉ accumulated depreciation.
,Answer: reflects the wear and tear, or depreciation, of items since
they were originally purchased
◉ additional paid-in capital.
Answer: capital invested by stockholders that exceeds the par value
of the issued shares
◉ adjusting entries.
Answer: entries required at the end of each accounting period to
recognize, on an accrual basis, revenues and expenses for the period
and to report proper amounts for asset, liability, and owners' equity
accounts
◉ allowance method.
Answer: the recording of estimated losses due to uncollectible
accounts as expenses during the period in which the sales occurred
◉ allowance for bad debts.
Answer: a contra account, deducted from accounts receivable, that
shows the estimated losses from uncollectible accounts
◉ amortization.
Answer: the process of cost allocation that assigns the original cost
of an intangible asset to the periods benefited
, ◉ articulatoin.
Answer: the interrelationship among the financial statements
◉ assets.
Answer: economic resources that are owned or controlled by a
company
◉ audit committee.
Answer: members of a company's board of directors who are
responsible for dealing with the external and internal auditors
◉ average costing.
Answer: an inventory cost flow assumptions whereby cost of goods
sold and the cost of ending inventory are determined by using an
average cost of all merchandise available for sale during the period
◉ bad debt expense.
Answer: an account that represents the portion of the current
period's credit sales that are estimated to be uncollectible
◉ bad debts.
Answer: an uncollecible account receivable
COMPREHENSIVE COURSE REVIEW
◉ accounts receivable.
Answer: a current asset representing money due for services
performed or merchandise sold on credit
◉ account.
Answer: an accounting record in which the results of transactions
are accumulated; shows increases, decreases, and a balance
◉ 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 performance and current economic condition
◉ accrual basis accounting.
Answer: a system of accounting in which revenues and expenses are
recorded as they are earned and incurred, not necessarily when cash
is received or paid
◉ accumulated depreciation.
,Answer: reflects the wear and tear, or depreciation, of items since
they were originally purchased
◉ additional paid-in capital.
Answer: capital invested by stockholders that exceeds the par value
of the issued shares
◉ adjusting entries.
Answer: entries required at the end of each accounting period to
recognize, on an accrual basis, revenues and expenses for the period
and to report proper amounts for asset, liability, and owners' equity
accounts
◉ allowance method.
Answer: the recording of estimated losses due to uncollectible
accounts as expenses during the period in which the sales occurred
◉ allowance for bad debts.
Answer: a contra account, deducted from accounts receivable, that
shows the estimated losses from uncollectible accounts
◉ amortization.
Answer: the process of cost allocation that assigns the original cost
of an intangible asset to the periods benefited
, ◉ articulatoin.
Answer: the interrelationship among the financial statements
◉ assets.
Answer: economic resources that are owned or controlled by a
company
◉ audit committee.
Answer: members of a company's board of directors who are
responsible for dealing with the external and internal auditors
◉ average costing.
Answer: an inventory cost flow assumptions whereby cost of goods
sold and the cost of ending inventory are determined by using an
average cost of all merchandise available for sale during the period
◉ bad debt expense.
Answer: an account that represents the portion of the current
period's credit sales that are estimated to be uncollectible
◉ bad debts.
Answer: an uncollecible account receivable
