WGU D196 OBJECTIVE ASSESSMENT VERSION 1,2 AND 3
NEWEST EXAM WITH QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW!!
Annual Report - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-A transaction in which a buyer
and seller act independently to get the best possible deal.
Accounting System - CORRECT 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) - CORRECT ANSWER-A method of attributing
overhead costs to products based on measurable factors that relate to activities
that create overhead costs.
,Actual Manufacturing Overhead - CORRECT ANSWER-Manufacturing costs other
than direct materials and direct labor.
Articulation - CORRECT ANSWER-The interrelationships among the financial
statements.
Assets - CORRECT ANSWER-Economic resources that are owned or controlled
by a company.
Balance Sheet - CORRECT ANSWER-A summary of the financial position of a
company at a particular date.
Batch-level Activities - CORRECT ANSWER-Activities that take place in order to
support a batch or production run, regardless of the size of the batch.
Absolute Cell Reference - CORRECT ANSWER-A cell reference that remains
constant when a formula is pasted into a new cell.
Account - CORRECT ANSWER-An accounting record in which the results of
transactions are accumulated; shows increases, decreases, and a balance.
American Institute of Certified Public Accountants (AICPA) - CORRECT ANSWER-
A professional organization for CPAs in which membership is voluntary.
Accounting - CORRECT 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 - CORRECT ANSWER-The procedure for analyzing, recording,
summarizing, and reporting the transactions of a business.
Accounting Equation - CORRECT 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.
Book Value - CORRECT ANSWER-The value of a company measured by the
amount of owner's equity in the company.
Break Even - CORRECT ANSWER-To make just enough income to cover costs
without any profit or loss.
Break-even Point - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-An organization operated with the objective of
making a profit from the sale of goods or services.
, Business Documents - CORRECT ANSWER-Records of transactions used as the
basis for recording accounting entries; include invoices, check stubs, receipts, and
similar business papers.
Capital Budgeting - CORRECT ANSWER-Systematic planning for long-term
investments in operating assets.
Capital Stock - CORRECT ANSWER-The portion of stockholder's equity that
represents investment by owners in exchange for shares of stock; also referred to
as paid-in capital.
Cash Budget - CORRECT ANSWER-A short-term schedule of expected cash
inflows and outflows during a period of time.
Certified Public Accountant (CPA) - CORRECT ANSWER-An accountant who has
met specified professional requirements established by the AICPA and local and
state societies. A key service provided by CPAs is the performance of independent
audits of financial statements.
Classified Balance Sheet - CORRECT ANSWER-A balance sheet that distinguishes
between current and long-term assets.
NEWEST EXAM WITH QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A+||BRAND NEW!!
Annual Report - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-A transaction in which a buyer
and seller act independently to get the best possible deal.
Accounting System - CORRECT 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) - CORRECT ANSWER-A method of attributing
overhead costs to products based on measurable factors that relate to activities
that create overhead costs.
,Actual Manufacturing Overhead - CORRECT ANSWER-Manufacturing costs other
than direct materials and direct labor.
Articulation - CORRECT ANSWER-The interrelationships among the financial
statements.
Assets - CORRECT ANSWER-Economic resources that are owned or controlled
by a company.
Balance Sheet - CORRECT ANSWER-A summary of the financial position of a
company at a particular date.
Batch-level Activities - CORRECT ANSWER-Activities that take place in order to
support a batch or production run, regardless of the size of the batch.
Absolute Cell Reference - CORRECT ANSWER-A cell reference that remains
constant when a formula is pasted into a new cell.
Account - CORRECT ANSWER-An accounting record in which the results of
transactions are accumulated; shows increases, decreases, and a balance.
American Institute of Certified Public Accountants (AICPA) - CORRECT ANSWER-
A professional organization for CPAs in which membership is voluntary.
Accounting - CORRECT 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 - CORRECT ANSWER-The procedure for analyzing, recording,
summarizing, and reporting the transactions of a business.
Accounting Equation - CORRECT 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.
Book Value - CORRECT ANSWER-The value of a company measured by the
amount of owner's equity in the company.
Break Even - CORRECT ANSWER-To make just enough income to cover costs
without any profit or loss.
Break-even Point - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-An organization operated with the objective of
making a profit from the sale of goods or services.
, Business Documents - CORRECT ANSWER-Records of transactions used as the
basis for recording accounting entries; include invoices, check stubs, receipts, and
similar business papers.
Capital Budgeting - CORRECT ANSWER-Systematic planning for long-term
investments in operating assets.
Capital Stock - CORRECT ANSWER-The portion of stockholder's equity that
represents investment by owners in exchange for shares of stock; also referred to
as paid-in capital.
Cash Budget - CORRECT ANSWER-A short-term schedule of expected cash
inflows and outflows during a period of time.
Certified Public Accountant (CPA) - CORRECT ANSWER-An accountant who has
met specified professional requirements established by the AICPA and local and
state societies. A key service provided by CPAs is the performance of independent
audits of financial statements.
Classified Balance Sheet - CORRECT ANSWER-A balance sheet that distinguishes
between current and long-term assets.
