WGU D196 Questions and Answers

WGU D196 Questions and Answers Absolute Cell Reference - Answer ️️ -A cell reference that remains constant when a formula is pasted into a new cell. Account - Answer ️️ -An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance. Accounting - Answer ️️ -A system for 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 - Answer ️️ -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 procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business. Activity-based Costing (ABC) - Answer ️️ -A method of attributing overhead costs to products based on measurable factors that relate to activities that create overhead 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 assigned to the goods produced. This is usually done by using a predetermined annual overhead rate. Arm's-length Transaction - Answer ️️ -A transaction in which a buyer and seller act independently to get the best possible deal. Articulation - Answer ️️ -The interrelationships among the financial statements. Assets - Answer ️️ -Economic resources that are owned or controlled by a company.