WGU D199 COMPREHENSIVE TEST BANK
COMPLETE QUESTIONS AND ANSWERS
PRACTICE SOLUTION VERIFIED
◉ Account. Answer: An accounting record in which the results of
transactions are 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. 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 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' Equity.
◉ Accounting System. Answer: The procedures and processes used
by a business to analyze transactions, handle routine bookkeeping
,tasks, and structure information so it can be used to evaluate the
performance and health of the business.
◉ Activity-based Costing (ABC). Answer: A method of attributing
overhead costs to products based on measurable factors that relate to
activities that create overhead costs.
◉ Actual Manufacturing Overhead. Answer: Manufacturing costs
other than direct materials and direct labor.
◉ American Institute of Certified Public Accountants (AICPA).
Answer: A professional organization for CPAs in which membership
is voluntary.
◉ Annual Report. Answer: A document that summarizes the results of
operations and financial status of a company for the past year and
outlines future plans.
◉ Applied Manufacturing Overhead. Answer: The amount of the
manufacturing overhead that is assigned to the goods produced. This
is usually done by using a predetermined annual overhead rate.
◉ Arm's-length Transaction. Answer: A transaction in which a buyer
and seller act independently to get the best possible deal.
◉ Articulation. Answer: The interrelationships among the financial
statements.
, ◉ Assets. Answer: Economic resources that are owned or controlled
by a company.
◉ Balance Sheet. Answer: A summary of the financial position of a
company at a particular date.
◉ Batch-level Activities. Answer: Activities that take place in order to
support a batch or production run, regardless of the size of the batch.
◉ Book Value. Answer: The value of a company measured by the
amount of owner's equity in the company.
◉ Break Even. Answer: To make just enough income to cover costs
without any profit or loss.
◉ Break-even Point. Answer: The amount of sales at which total costs
of the number of units sold equal total revenues; the point at which
there is no profit or loss.
◉ Budget. Answer: A quantitative expression of a plan that shows
how a firm or organization will acquire and use resources over some
specified period of time.
◉ Business. Answer: An organization operated with the objective of
making a profit from the sale of goods or services.
COMPLETE QUESTIONS AND ANSWERS
PRACTICE SOLUTION VERIFIED
◉ Account. Answer: An accounting record in which the results of
transactions are 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. 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 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' Equity.
◉ Accounting System. Answer: The procedures and processes used
by a business to analyze transactions, handle routine bookkeeping
,tasks, and structure information so it can be used to evaluate the
performance and health of the business.
◉ Activity-based Costing (ABC). Answer: A method of attributing
overhead costs to products based on measurable factors that relate to
activities that create overhead costs.
◉ Actual Manufacturing Overhead. Answer: Manufacturing costs
other than direct materials and direct labor.
◉ American Institute of Certified Public Accountants (AICPA).
Answer: A professional organization for CPAs in which membership
is voluntary.
◉ Annual Report. Answer: A document that summarizes the results of
operations and financial status of a company for the past year and
outlines future plans.
◉ Applied Manufacturing Overhead. Answer: The amount of the
manufacturing overhead that is assigned to the goods produced. This
is usually done by using a predetermined annual overhead rate.
◉ Arm's-length Transaction. Answer: A transaction in which a buyer
and seller act independently to get the best possible deal.
◉ Articulation. Answer: The interrelationships among the financial
statements.
, ◉ Assets. Answer: Economic resources that are owned or controlled
by a company.
◉ Balance Sheet. Answer: A summary of the financial position of a
company at a particular date.
◉ Batch-level Activities. Answer: Activities that take place in order to
support a batch or production run, regardless of the size of the batch.
◉ Book Value. Answer: The value of a company measured by the
amount of owner's equity in the company.
◉ Break Even. Answer: To make just enough income to cover costs
without any profit or loss.
◉ Break-even Point. Answer: The amount of sales at which total costs
of the number of units sold equal total revenues; the point at which
there is no profit or loss.
◉ Budget. Answer: A quantitative expression of a plan that shows
how a firm or organization will acquire and use resources over some
specified period of time.
◉ Business. Answer: An organization operated with the objective of
making a profit from the sale of goods or services.
