WGU D102 FINANCIAL ACCOUNTING FINAL EXAM |OA | LATEST
UPDATED |REAL EXAM COMPLETE QUESTIONS AND ANSWERS |
100% RATED CORRECT | 100% VERFIED | ALREADY GRADED A+
WGU D102 financial accounting all terms REAL EXAM - (answer)Exam Coverage
Exam coverage for the Western Governors University D102 Financial Accounting Final Exam includes the
foundational principles and terminology essential to financial accounting and reporting. It focuses on the
accounting cycle, including journal entries, ledgers, trial balances, and preparation of financial
statements such as the income statement, balance sheet, and statement of cash flows. The exam
evaluates understanding of key concepts such as assets, liabilities, equity, revenue recognition, expenses,
and accrual accounting. Emphasis is placed on interpreting financial data, applying generally accepted
accounting principles (GAAP), analyzing transactions, adjusting entries, and understanding internal
controls, ensuring the ability to apply accounting knowledge in real-world business and financial
decision-making contexts.
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
, WGU D102 FINANCIAL ACCOUNTING FINAL EXAM |OA | LATEST
UPDATED |REAL EXAM COMPLETE QUESTIONS AND ANSWERS |
100% RATED CORRECT | 100% VERFIED | ALREADY GRADED A+
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
UPDATED |REAL EXAM COMPLETE QUESTIONS AND ANSWERS |
100% RATED CORRECT | 100% VERFIED | ALREADY GRADED A+
WGU D102 financial accounting all terms REAL EXAM - (answer)Exam Coverage
Exam coverage for the Western Governors University D102 Financial Accounting Final Exam includes the
foundational principles and terminology essential to financial accounting and reporting. It focuses on the
accounting cycle, including journal entries, ledgers, trial balances, and preparation of financial
statements such as the income statement, balance sheet, and statement of cash flows. The exam
evaluates understanding of key concepts such as assets, liabilities, equity, revenue recognition, expenses,
and accrual accounting. Emphasis is placed on interpreting financial data, applying generally accepted
accounting principles (GAAP), analyzing transactions, adjusting entries, and understanding internal
controls, ensuring the ability to apply accounting knowledge in real-world business and financial
decision-making contexts.
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
, WGU D102 FINANCIAL ACCOUNTING FINAL EXAM |OA | LATEST
UPDATED |REAL EXAM COMPLETE QUESTIONS AND ANSWERS |
100% RATED CORRECT | 100% VERFIED | ALREADY GRADED A+
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
