Principles of Financial Accounting (WGU) || Graded A+.
What are the three functions of an accounting system? correct answers Analysis, Evaluation,
Bookkeeping
What is the US organization that monitors the financial accounting disclosures of companies
(both U.S. and foreign) whose stocks trade on U.S. stock exchanges? correct answers SEC -
Securities and Exchange Commission
Shows the financial position of an organization's assets, liabilities, and equity at a specific time.
correct answers Balance Sheet
The US organization that sets accounting standards for publicly listed companies. correct
answers FASB - Financial Accounting Standards Board
What is the third step in the financial accounting cycle? correct answers Summarize the effects of
the transactions
What is the second step in the financial accounting cycle? correct answers Record the effects of
transactions
What is the first step in the financial accounting cycle? correct answers Analyze transactions
What is the fourth step in the accounting cycle? correct answers Prepare reports
Shows the amount of cash inflows and outflows for an organization's operating, investing, and
financing activities. correct answers Statement of Cash Flows
The language of business. correct answers Accounting
,Shows the profitability of an organization by comparing revenues and expenses for a period of
time. correct answers Income Statement
The second step in the financial accounting cycle? correct answers Record the effects of
transactions
What is the basic accounting equation? correct answers Assets = Liabilities + Owner's equity
(ALE)
What is utilities expense?
Asset (A)
Liability (L)
Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Expense
What is a notes payable?
Asset (A)
Liability (L)
Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Liability
What is Cash?
Asset (A)
Liability (L)
,Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Asset
What are pre-paid expenses?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset
What is service revenue?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Revenue
What are taxes payable?
Asset
Liability
Equity
Revenue
Expense
, Dividend correct answers Liability
What are patents?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset (intangible)
What is accounts payable?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Liability
What is inventory?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset
What are retained earnings?
What are the three functions of an accounting system? correct answers Analysis, Evaluation,
Bookkeeping
What is the US organization that monitors the financial accounting disclosures of companies
(both U.S. and foreign) whose stocks trade on U.S. stock exchanges? correct answers SEC -
Securities and Exchange Commission
Shows the financial position of an organization's assets, liabilities, and equity at a specific time.
correct answers Balance Sheet
The US organization that sets accounting standards for publicly listed companies. correct
answers FASB - Financial Accounting Standards Board
What is the third step in the financial accounting cycle? correct answers Summarize the effects of
the transactions
What is the second step in the financial accounting cycle? correct answers Record the effects of
transactions
What is the first step in the financial accounting cycle? correct answers Analyze transactions
What is the fourth step in the accounting cycle? correct answers Prepare reports
Shows the amount of cash inflows and outflows for an organization's operating, investing, and
financing activities. correct answers Statement of Cash Flows
The language of business. correct answers Accounting
,Shows the profitability of an organization by comparing revenues and expenses for a period of
time. correct answers Income Statement
The second step in the financial accounting cycle? correct answers Record the effects of
transactions
What is the basic accounting equation? correct answers Assets = Liabilities + Owner's equity
(ALE)
What is utilities expense?
Asset (A)
Liability (L)
Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Expense
What is a notes payable?
Asset (A)
Liability (L)
Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Liability
What is Cash?
Asset (A)
Liability (L)
,Equity (E)
Revenue (R)
Expense (X)
Dividend (D) correct answers Asset
What are pre-paid expenses?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset
What is service revenue?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Revenue
What are taxes payable?
Asset
Liability
Equity
Revenue
Expense
, Dividend correct answers Liability
What are patents?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset (intangible)
What is accounts payable?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Liability
What is inventory?
Asset
Liability
Equity
Revenue
Expense
Dividend correct answers Asset
What are retained earnings?
