Exam Coverage
Exam coverage for the Western Governors University D102 Financial
Accounting Final Exam includes the foundational principles and
terminology essential to financial accounting and reporting. It focuses
on the accounting cycle, including journal entries, ledgers, trial
balances, and preparation of financial statements such as the income
statement, balance sheet, and statement of cash flows. The exam
evaluates understanding of key concepts such as assets, liabilities,
equity, revenue recognition, expenses, and accrual accounting.
Emphasis is placed on interpreting financial data, applying generally
accepted accounting principles (GAAP), analyzing transactions,
adjusting entries, and understanding internal controls, ensuring the
,ability to apply accounting knowledge in real-world business and
financial decision-making contexts.
accounts receivable
a current asset representing money due for services performed or
merchandise sold on credit
account
an accounting record in which the results of transactions are
accumulated; shows increases, decreases, and a balance
,accrual accounting
the process of recording expenses and revenues when incurred and
earned, regardless of when cash is received, and of adjusting original
transaction data into refined measures of a firm's past economic
performance and current economic condition
accrual basis accounting
a system of accounting in which revenues and expenses are recorded
as they are earned and incurred, not necessarily when cash is
received or paid
, accumulated depreciation
reflects the wear and tear, or depreciation, of items since they were
originally purchased
additional paid-in capital
capital invested by stockholders that exceeds the par value of the
issued shares