VYC1

VYC1 ACCOUNTING WGU | ACCOUNTING PRINCIPLES | 2025/26 UPDATE | QUESTIONS AND ANSWERS | 100% CORRECT!!

Accounts Payable - Amounts a business must pay in the future. Accounts Receivable - Claims for future collection from customers. Assets - Property owned by a business. Balance Sheet - A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business. Break Even - A point at which revenue equals expenses. Business Transactions - A financial event that changes the resources of a firm. Capital - Financial investmen...

Accounts Payable - Amounts a business must pay in the future. Accounts Receivable - Claims for future collection from customers. Assets - Property owned by a business. Balance Sheet - A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business. Break Even - A point at which revenue equals expenses. Business Transactions - A financial event that changes the resources of a firm. Capital - Financial investmen...

Which activity is NOT part of the personal budgeting process? (M01) A) Defining goals B) Monitoring outcomes C) Increasing income D) Redefining goals - Answer: C Correct! Increasing income is not part of the budgeting process, although it may cause an adjustment to the budget. In terms of budgeting, which goal and behavior work best together? (M01) A) The goal is to purchase a home. The behavior is saving 5% of your earnings for a down payment. B) The goal is to reduce living expenses. ...