WGU D102 Module 5 Final OA Review | Financial Accounting Questions & Answers

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WGU D102

FINANCIAL ACCOUNTING
MODULE 5 • FINAL OA REVIEW
QUESTIONS & VERIFIED ANSWERS REVIEW
Course Code: WGU D102
Journal Entries • Transaction Analysis • Debits & Credits
Trial Balance • Chart of Accounts • Financial Accounting




WGU D102 Module 5 Final OA Review | Financial
Accounting Questions & Answers
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General Journal - Correct answer where each transaction is initially recorded, in
debit-and-credit language. It can be thought of as a chronological description of
events.


account - Correct answer The impact of all of these events is summarized by
sorting each debit and each credit, by the item affected, and copying all debits
and credits impacting an item into one place, called an


General Ledger - Correct answer The collection of all of the accounts in a
company's accounting system is called the


A chronological record of all transactions of a business - Correct answer What is
a general journal?


When recording items in the journal - Correct answer When does an accountant
perform transaction analysis?


Identify which accounts are involved.
For each account, determine if it is increased or decreased.
For each account, determine by how much it has changed. - Correct answer
When preparing a journal entry, a systematic method may be used in analyzing
every transaction. A journal entry involves a three-step process:


1. What accounts are involved? Cash, Capital Stock
2. Did the accounts increase or decrease? Cash + , Capital stock +
3. By how much did the account change?


Debit Cash $2,000



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