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WGU D196 OA AND PRE -ASSESSEMENT NEWEST 2025
PACKAGE DEAL| PRINCIPLES OF FINANCIAL AND
MANAGERIAL ACCOUNTING EXAM WITH OA AND PA
QUESTIONS WITH CORRECT VERIFIED ANSWERS/
ALREADY GRADED A+ (BRAND NEW!!)
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.
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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.
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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.
WGU D196 OA AND PRE -ASSESSEMENT NEWEST 2025
PACKAGE DEAL| PRINCIPLES OF FINANCIAL AND
MANAGERIAL ACCOUNTING EXAM WITH OA AND PA
QUESTIONS WITH CORRECT VERIFIED ANSWERS/
ALREADY GRADED A+ (BRAND NEW!!)
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.
,Page 2 of 30
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.
, Page 3 of 30
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.
