WGU D196 FINAL PAPER UPDATED
QUESTIONS VERIFIED COMPLETE
ANSWERS 100 PERCENT CORRECT
◉ Gains
Answer: Money made on activities outside the normal business of a
company.
◉ Generally Accepted Accounting Principles (GAAP)
Answer: Authoritative guidelines that define accounting practice at a
particular time in the United States.
◉ Governmental Accounting Standards Board (GASB)
Answer: An independent private organization that sets the
accounting and financial reporting standards for state and local
governments following GAAP.
◉ Gross Margin
Answer: The difference between sales and cost of goods sold; gross
profit.
◉ Gross Profit
, Answer: The difference between sales and cost of goods sold; gross
margin.
◉ Horizontal Analysis
Answer: A method of financial statement analysis that compares a
firm's results from year to year.
◉ Illiquid
Answer: Assets that take time and effort to convert into cash.
◉ Income Statement
Answer: The financial statement that reports the amount of net
income earned by a company during a period.
◉ Indirect Costs
Answer: Costs normally incurred for the benefit of several segments
within the organization; sometimes called common costs or joint
costs.
◉ Indirect Labor
Answer: Labor that is necessary to a manufacturing or service
business but is not directly related to the actual production of the
product.
QUESTIONS VERIFIED COMPLETE
ANSWERS 100 PERCENT CORRECT
◉ Gains
Answer: Money made on activities outside the normal business of a
company.
◉ Generally Accepted Accounting Principles (GAAP)
Answer: Authoritative guidelines that define accounting practice at a
particular time in the United States.
◉ Governmental Accounting Standards Board (GASB)
Answer: An independent private organization that sets the
accounting and financial reporting standards for state and local
governments following GAAP.
◉ Gross Margin
Answer: The difference between sales and cost of goods sold; gross
profit.
◉ Gross Profit
, Answer: The difference between sales and cost of goods sold; gross
margin.
◉ Horizontal Analysis
Answer: A method of financial statement analysis that compares a
firm's results from year to year.
◉ Illiquid
Answer: Assets that take time and effort to convert into cash.
◉ Income Statement
Answer: The financial statement that reports the amount of net
income earned by a company during a period.
◉ Indirect Costs
Answer: Costs normally incurred for the benefit of several segments
within the organization; sometimes called common costs or joint
costs.
◉ Indirect Labor
Answer: Labor that is necessary to a manufacturing or service
business but is not directly related to the actual production of the
product.
