WGU D196 Terminologies Exam Questions
with Detailed Verified Answer | Lates
Update 2025 | Sure To Pass!!
1. Annual Report - ANSWER ✔ A document that summarizes
the results of operations and financial status of a company for
the past year and outlines future plans.
2. Applied Manufacturing Overhead - 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.
3. Arm's-length Transaction - ANSWER ✔ A transaction in
which a buyer and seller act independently to get the best
possible deal.
4. Articulation - ANSWER ✔ The interrelationships among the
financial statements.
,5. Assets - ANSWER ✔ Economic resources that are owned or
controlled by a company.
6. Absolute Cell Reference - ANSWER ✔ A cell reference that
remains constant when a formula is pasted into a new cell.
7. Account - ANSWER ✔ An accounting record in which the
results of transactions are accumulated; shows increases,
decreases, and a balance.
8. Accounting - 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.
9. Accounting Cycle - ANSWER ✔ The procedure for
analyzing, recording, summarizing, and reporting the
transactions of a business.
10. Accounting Equation - 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.
11. Accounting System - 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.
12. Activity-based Costing (ABC) - ANSWER ✔ A method of
attributing overhead costs to products based on measurable
factors that relate to activities that create overhead costs.
13. Actual Manufacturing Overhead - ANSWER ✔
Manufacturing costs other than direct materials and direct
labor.
14. American Institute of Certified Public Accountants
(AICPA) - ANSWER ✔ A professional organization for CPAs
in which membership is voluntary.
with Detailed Verified Answer | Lates
Update 2025 | Sure To Pass!!
1. Annual Report - ANSWER ✔ A document that summarizes
the results of operations and financial status of a company for
the past year and outlines future plans.
2. Applied Manufacturing Overhead - 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.
3. Arm's-length Transaction - ANSWER ✔ A transaction in
which a buyer and seller act independently to get the best
possible deal.
4. Articulation - ANSWER ✔ The interrelationships among the
financial statements.
,5. Assets - ANSWER ✔ Economic resources that are owned or
controlled by a company.
6. Absolute Cell Reference - ANSWER ✔ A cell reference that
remains constant when a formula is pasted into a new cell.
7. Account - ANSWER ✔ An accounting record in which the
results of transactions are accumulated; shows increases,
decreases, and a balance.
8. Accounting - 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.
9. Accounting Cycle - ANSWER ✔ The procedure for
analyzing, recording, summarizing, and reporting the
transactions of a business.
10. Accounting Equation - 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.
11. Accounting System - 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.
12. Activity-based Costing (ABC) - ANSWER ✔ A method of
attributing overhead costs to products based on measurable
factors that relate to activities that create overhead costs.
13. Actual Manufacturing Overhead - ANSWER ✔
Manufacturing costs other than direct materials and direct
labor.
14. American Institute of Certified Public Accountants
(AICPA) - ANSWER ✔ A professional organization for CPAs
in which membership is voluntary.
