WGU D102 FINANCIAL ACCOUNTING ALL
TERMS 2025/2026 BRAND NEW
QUESTIONS WITH ANSWERS| ACE YOUR
GRADES!
1. Purchase discount - correct answer -when a retailer gets a
reduction from their wholesalers for paying quickly
2. Purchase return - correct answer -when a retailer gets a
reduction from their wholesalers for paying quickly
3. Raw materials - correct answer -materials purchased for use in
manufacturing products
4. Real accounts - correct answer -accounts that are not closed to
a zero balance at the end of each accounting period;
permanent accounts appearing on the balance sheet
5. Receivables - correct answer -claims for money, goods, or
services
,6. Research - correct answer -an activity undertaken by a
company to discover new knowledge that will be useful in
developing new products, services, or processes as part of a
company's larger (R&D) activities
7. Revenue - correct answer -the value of the goods and services
provided by a company in its business operations
8. Revenue recognition - correct answer -the process of recording
revenue in the accounting records; occurs after the work has
been substantially completed and cash collection is reasonably
assured
9. Revenue recognition principle - correct answer -the process of
recording revenue in the accounting records; occurs after the
work has been substantially completed and cash collection is
reasonably assured
10. Sales discounts - correct answer -a reduction in the selling
prices allowed if payment is received withing a specified period
, 11. Sales returns and allowances account - correct answer -a
contra-revenue account in which the return of, or allowance for
reduction in the price of, merchandise previously sold is
recorded
12. Sales tax - correct answer -a tax imposed by the government
on the sale of goods and services
13. Salvage value - correct answer -the amount expected to be
received when an asset is sold at the end of its useful life
14. Segregation of duties - correct answer -a strategy to provide
an internal check on performance through separation of
authorization of transactions from custody of related assets,
operational responsibilities from record keeping responsibilities,
and custody of assets from accounting personnel
15. Shareholders - correct answer -those who own a corporation
by owning shares of stock in that corporation; also called
stockholders
TERMS 2025/2026 BRAND NEW
QUESTIONS WITH ANSWERS| ACE YOUR
GRADES!
1. Purchase discount - correct answer -when a retailer gets a
reduction from their wholesalers for paying quickly
2. Purchase return - correct answer -when a retailer gets a
reduction from their wholesalers for paying quickly
3. Raw materials - correct answer -materials purchased for use in
manufacturing products
4. Real accounts - correct answer -accounts that are not closed to
a zero balance at the end of each accounting period;
permanent accounts appearing on the balance sheet
5. Receivables - correct answer -claims for money, goods, or
services
,6. Research - correct answer -an activity undertaken by a
company to discover new knowledge that will be useful in
developing new products, services, or processes as part of a
company's larger (R&D) activities
7. Revenue - correct answer -the value of the goods and services
provided by a company in its business operations
8. Revenue recognition - correct answer -the process of recording
revenue in the accounting records; occurs after the work has
been substantially completed and cash collection is reasonably
assured
9. Revenue recognition principle - correct answer -the process of
recording revenue in the accounting records; occurs after the
work has been substantially completed and cash collection is
reasonably assured
10. Sales discounts - correct answer -a reduction in the selling
prices allowed if payment is received withing a specified period
, 11. Sales returns and allowances account - correct answer -a
contra-revenue account in which the return of, or allowance for
reduction in the price of, merchandise previously sold is
recorded
12. Sales tax - correct answer -a tax imposed by the government
on the sale of goods and services
13. Salvage value - correct answer -the amount expected to be
received when an asset is sold at the end of its useful life
14. Segregation of duties - correct answer -a strategy to provide
an internal check on performance through separation of
authorization of transactions from custody of related assets,
operational responsibilities from record keeping responsibilities,
and custody of assets from accounting personnel
15. Shareholders - correct answer -those who own a corporation
by owning shares of stock in that corporation; also called
stockholders
