WGU D196 EXAM PREP SOLVED
QUESTIONS ACCURATE ANSWERS
PREMIUM REVIEW
◉ 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
QUESTIONS ACCURATE ANSWERS
PREMIUM REVIEW
◉ 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
