WGU D196 PRE ASSESSMENT NEWEST COMPLETE ALL QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!
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.
Comparative Financial Statements - CORRECT ANSWER-Financial statements
that include information for both the current year and preceding year(s) that
are prepared for users to identify any significant changes in particular items.
Contribution Margin - CORRECT ANSWER-The difference between total sales
and variable costs; the portion of sales revenue available to cover fixed
costs and provide a profit.
Contribution Margin Ratio - CORRECT ANSWER-The percentage of net sales
revenue left after variable costs are deducted; the contribution margin
divided by net sales revenue.
Controllable Costs - CORRECT ANSWER-Costs over which a manager has direct
authority and can change.
Controlling - CORRECT ANSWER-Tracking the actual performance of a
company.
, Cost Accountant - CORRECT ANSWER-An accountant who is specially trained
to prepare and analyze accounting information for internal decision-making.
Cost Behavior - CORRECT ANSWER-The way a cost is affected by changes in
activity levels.
Cost Center - CORRECT ANSWER-An organizational unit in which a manager
has control over and is held accountable for cost performance.
Cost Drivers - CORRECT ANSWER-A numerical measure used to reflect the
amount of a specific cost that is associated with a particular activity.
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.
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
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
VERSION!
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.
Comparative Financial Statements - CORRECT ANSWER-Financial statements
that include information for both the current year and preceding year(s) that
are prepared for users to identify any significant changes in particular items.
Contribution Margin - CORRECT ANSWER-The difference between total sales
and variable costs; the portion of sales revenue available to cover fixed
costs and provide a profit.
Contribution Margin Ratio - CORRECT ANSWER-The percentage of net sales
revenue left after variable costs are deducted; the contribution margin
divided by net sales revenue.
Controllable Costs - CORRECT ANSWER-Costs over which a manager has direct
authority and can change.
Controlling - CORRECT ANSWER-Tracking the actual performance of a
company.
, Cost Accountant - CORRECT ANSWER-An accountant who is specially trained
to prepare and analyze accounting information for internal decision-making.
Cost Behavior - CORRECT ANSWER-The way a cost is affected by changes in
activity levels.
Cost Center - CORRECT ANSWER-An organizational unit in which a manager
has control over and is held accountable for cost performance.
Cost Drivers - CORRECT ANSWER-A numerical measure used to reflect the
amount of a specific cost that is associated with a particular activity.
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.
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
