WGU D103 Intermediate Accounting I Unit 2-
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,APB Opinions - correct ans:The APB's official pronouncements issued from 1959 through 1973 which
were intended to be based mainly on research studies and be supported by reasons and analysis.
Accounting Principles Board (APB) - correct ans:An accounting rule-making board which provided official
pronouncements, called APB Opinions, from 1959 through 1973.
Accounting Research Bulletins - correct ans:Pronouncements issued by CAP dealing with a variety of
timely accounting problems during the years 1939 to 1959.
Accrued Expenses - correct ans:Expenses incurred but not yet paid.
Accrued Revenues - correct ans:Revenues for which the performance obligation has been satisfied, but
for which cash has not yet been received.
Adjusted Trial Balance - correct ans:A trial balance prepared immediately after all adjustments have
been posted.
Adjusting Entries - correct ans:Entries made at the end of an accounting period to bring all accounts up
to date on an accrual accounting basis.
American Institute of Certified Public Accountants (AICPA) - correct ans:The national professional
organization of practicing Certified Public Accountants.
Book Value - correct ans:The difference between the cost of an asset and its related accumulated
depreciation.
Closing Process - correct ans:The formal process by which all nominal accounts are reduced to zero to
prepare the accounts for the next period's transactions.
Committee On Accounting Procedure (CAP) - correct ans:An organization composed of practicing CPAs
which issued Accounting Research Bulletins dealing with a variety of accounting problems during the
years 1939 to 1959.
, Comparability - correct ans:Ability to compare accounting information of different companies because
they measure and report information in a similar manner.
Completeness - correct ans:All information necessary for faithful representation is provided.
Conceptual Framework - correct ans:A coherent system of interrelated objectives and fundamentals
that can lead to consistent standards.
Confirmatory Value - correct ans:Information that confirms or corrects prior expectations.
Consistency - correct ans:An entity applies the same accounting treatment to similar events from period
to period.
Contra Asset Account - correct ans:An account that offsets an asset account on the balance sheet.
Cost Constraint - correct ans:The constraint that states that information should be provided only if the
benefits of providing such information outweigh the costs of providing it.
Cost-benefit Relationship - correct ans:The costs of something weighed against the benefits that can be
derived.
Current Assets - correct ans:Cash and other assets expected to be converted into cash, sold, or
consumed either in one year or in the operating cycle, whichever is longer.
Current Liabilities - correct ans:Obligations that are reasonably expected to be liquidated either through
the use of current assets or the creation of other current liabilities within the longer of 1 year or the
operating cycle.
Current Operating Performance Approach - correct ans:A concept that states that the net income figure
should show only the regular, recurring earnings of the business.
4 Latest recent and frequently tested exam
with comprehensive questions and verified
accurate solution (detailed & elaborated)
GRADED A+
Professional Academic Assistance Services
Services Offered
Proctored Exam Assistance
Online Class Management (Full Course Support)
Exam Preparation & Study Materials
Assignments and Coursework Support
Essays and Research Papers
Discussion Posts and Replies
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WHATAPPSLINK- https://wa.me/254784769540
,APB Opinions - correct ans:The APB's official pronouncements issued from 1959 through 1973 which
were intended to be based mainly on research studies and be supported by reasons and analysis.
Accounting Principles Board (APB) - correct ans:An accounting rule-making board which provided official
pronouncements, called APB Opinions, from 1959 through 1973.
Accounting Research Bulletins - correct ans:Pronouncements issued by CAP dealing with a variety of
timely accounting problems during the years 1939 to 1959.
Accrued Expenses - correct ans:Expenses incurred but not yet paid.
Accrued Revenues - correct ans:Revenues for which the performance obligation has been satisfied, but
for which cash has not yet been received.
Adjusted Trial Balance - correct ans:A trial balance prepared immediately after all adjustments have
been posted.
Adjusting Entries - correct ans:Entries made at the end of an accounting period to bring all accounts up
to date on an accrual accounting basis.
American Institute of Certified Public Accountants (AICPA) - correct ans:The national professional
organization of practicing Certified Public Accountants.
Book Value - correct ans:The difference between the cost of an asset and its related accumulated
depreciation.
Closing Process - correct ans:The formal process by which all nominal accounts are reduced to zero to
prepare the accounts for the next period's transactions.
Committee On Accounting Procedure (CAP) - correct ans:An organization composed of practicing CPAs
which issued Accounting Research Bulletins dealing with a variety of accounting problems during the
years 1939 to 1959.
, Comparability - correct ans:Ability to compare accounting information of different companies because
they measure and report information in a similar manner.
Completeness - correct ans:All information necessary for faithful representation is provided.
Conceptual Framework - correct ans:A coherent system of interrelated objectives and fundamentals
that can lead to consistent standards.
Confirmatory Value - correct ans:Information that confirms or corrects prior expectations.
Consistency - correct ans:An entity applies the same accounting treatment to similar events from period
to period.
Contra Asset Account - correct ans:An account that offsets an asset account on the balance sheet.
Cost Constraint - correct ans:The constraint that states that information should be provided only if the
benefits of providing such information outweigh the costs of providing it.
Cost-benefit Relationship - correct ans:The costs of something weighed against the benefits that can be
derived.
Current Assets - correct ans:Cash and other assets expected to be converted into cash, sold, or
consumed either in one year or in the operating cycle, whichever is longer.
Current Liabilities - correct ans:Obligations that are reasonably expected to be liquidated either through
the use of current assets or the creation of other current liabilities within the longer of 1 year or the
operating cycle.
Current Operating Performance Approach - correct ans:A concept that states that the net income figure
should show only the regular, recurring earnings of the business.
