WGU D196 EXAM WITH COMPLETE SOLUTIONS 100% VERIFIED!!
Absolute Cell Reference - ANSWER A cell reference that does not change when a
formula is copied to a new cell.
Account - ANSWER A record of the results of transactions affecting a particular asset,
liability, equity, revenue, or expense; may show increases, decreases, and a balance.
Accounting principle A system of 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 principle The procedure for analyzing, recording, summarizing, and
reporting the transactions of a business.
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.
Accounting System - ANSWER The methods and procedures a business uses to
analyze transactions, perform routine bookkeeping, and present information so it may
be used to assess the performance and health of the business.
Activity-based Costing (ABC) - ANSWER A methodology that assigns overhead costs to
products based upon measurable activities that cause the over-head costs.
Actual Manufacturing Overhead - ANSWER Manufacturing costs other than direct
materials and direct labor.
,American Institute of Certified Public Accountants (AICPA) - ANSWER A professional
organization for CPAs in which membership is voluntary.
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.
Applied Manufacturing Overhead - ANSWER The amount of the manufacturing
overhead that is applied to the products made. This is usually computed by multiplying
the products made by a pre-determined annual overhead rate.
Arm's-length Transaction - ANSWER A sale or other transaction between two
unrelated parties who are both interacting independently to get the best possible
outcome.
Articulation - ANSWER The relationships among the financial statements.
Assets - ANSWER Economic resources owned or controlled by an entity.
Balance Sheet - ANSWER A statement that presents the financial position of an entity
at a specific date.
Batch-level Activities - ANSWER Activities that occur to support a batch or production
run, regardless of the size of the batch.
Book Value - ANSWER The value of a company measured by the amount of owner's
equity in the company.
Break Even - ANSWER To make just enough income to cover costs without any profit
or loss.
Break-even Point - 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 - 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 - ANSWER An organization operated with the objective of making a profit
from the sale of goods or services.
Business Documents - ANSWER Records of transactions used as the basis for
recording accounting entries; include invoices, check stubs, receipts, and similar
business papers.
Capital Budgeting - ANSWER Systematic planning for long-term investments in
operating assets.
Capital Stock - 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 - ANSWER A short-term plan of anticipated cash inflows and outflows for
a period of time.
Certified Public Accountant (CPA) - ANSWER An accountant who has satisfied certain
minimal requirements of the AICPA and various states and local societies. One of the
most important services provided by CPAs is the auditing of financial statements.
Classified Balance Sheet - ANSWER A balance sheet that distinguishes between
current and long-term assets.
Comparative Financial Statements - ANSWER Financial statements that present
information for more than one but not necessarily consecutive years that are prepared
for users to evaluate any significant changes in specific items.
Absolute Cell Reference - ANSWER A cell reference that does not change when a
formula is copied to a new cell.
Account - ANSWER A record of the results of transactions affecting a particular asset,
liability, equity, revenue, or expense; may show increases, decreases, and a balance.
Accounting principle A system of 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 principle The procedure for analyzing, recording, summarizing, and
reporting the transactions of a business.
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.
Accounting System - ANSWER The methods and procedures a business uses to
analyze transactions, perform routine bookkeeping, and present information so it may
be used to assess the performance and health of the business.
Activity-based Costing (ABC) - ANSWER A methodology that assigns overhead costs to
products based upon measurable activities that cause the over-head costs.
Actual Manufacturing Overhead - ANSWER Manufacturing costs other than direct
materials and direct labor.
,American Institute of Certified Public Accountants (AICPA) - ANSWER A professional
organization for CPAs in which membership is voluntary.
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.
Applied Manufacturing Overhead - ANSWER The amount of the manufacturing
overhead that is applied to the products made. This is usually computed by multiplying
the products made by a pre-determined annual overhead rate.
Arm's-length Transaction - ANSWER A sale or other transaction between two
unrelated parties who are both interacting independently to get the best possible
outcome.
Articulation - ANSWER The relationships among the financial statements.
Assets - ANSWER Economic resources owned or controlled by an entity.
Balance Sheet - ANSWER A statement that presents the financial position of an entity
at a specific date.
Batch-level Activities - ANSWER Activities that occur to support a batch or production
run, regardless of the size of the batch.
Book Value - ANSWER The value of a company measured by the amount of owner's
equity in the company.
Break Even - ANSWER To make just enough income to cover costs without any profit
or loss.
Break-even Point - 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 - 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 - ANSWER An organization operated with the objective of making a profit
from the sale of goods or services.
Business Documents - ANSWER Records of transactions used as the basis for
recording accounting entries; include invoices, check stubs, receipts, and similar
business papers.
Capital Budgeting - ANSWER Systematic planning for long-term investments in
operating assets.
Capital Stock - 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 - ANSWER A short-term plan of anticipated cash inflows and outflows for
a period of time.
Certified Public Accountant (CPA) - ANSWER An accountant who has satisfied certain
minimal requirements of the AICPA and various states and local societies. One of the
most important services provided by CPAs is the auditing of financial statements.
Classified Balance Sheet - ANSWER A balance sheet that distinguishes between
current and long-term assets.
Comparative Financial Statements - ANSWER Financial statements that present
information for more than one but not necessarily consecutive years that are prepared
for users to evaluate any significant changes in specific items.
