WGU D102 Financial Accounting all
Terms 2024/2025 Exam Questions and
Correct Answers | New Update
account - 🧠 ANSWER ✔✔an accounting record in which the results of
transactions are accumulated; shows increases, decreases, and a balance
accounts receivable - 🧠 ANSWER ✔✔a current asset representing money
due for services performed or merchandise sold on credit
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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
,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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, 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
balance sheet - 🧠 ANSWER ✔✔a listing of an organization's assets and of
its liabilities at a certain time
bank reconciliation - 🧠 ANSWER ✔✔the process of systematically
comparing the cash balance as reported by the bank with the cash balance
on the company's books and explaining any differences
board of directors - 🧠 ANSWER ✔✔individuals elected by the stockholders
to govern a corporation
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
Terms 2024/2025 Exam Questions and
Correct Answers | New Update
account - 🧠 ANSWER ✔✔an accounting record in which the results of
transactions are accumulated; shows increases, decreases, and a balance
accounts receivable - 🧠 ANSWER ✔✔a current asset representing money
due for services performed or merchandise sold on credit
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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, 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
balance sheet - 🧠 ANSWER ✔✔a listing of an organization's assets and of
its liabilities at a certain time
bank reconciliation - 🧠 ANSWER ✔✔the process of systematically
comparing the cash balance as reported by the bank with the cash balance
on the company's books and explaining any differences
board of directors - 🧠 ANSWER ✔✔individuals elected by the stockholders
to govern a corporation
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
