WGU VYC1 Principles of Accounting
Authored by Gene Yates
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1.
OPEN ENDED QUESTION
30 sec • 1 pt
Eight steps of the accounting cycle 1
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Answer explanation
accounting cycle: Analyze transactions by examining source documents 1.
2.
OPEN ENDED QUESTION
30 sec • 1 pt
Accounts Payable
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Answer explanation
Amounts a business must pay in the future.
3.
OPEN ENDED QUESTION
30 sec • 1 pt
Accounts Receivable
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Answer explanation
Claims for future collection from customers.
4.
OPEN ENDED QUESTION
30 sec • 1 pt
Assets
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Answer explanation
Property owned by a business.
5.
OPEN ENDED QUESTION
30 sec • 1 pt
Balance Sheet
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Answer explanation
A formal report of a business' financial condition on a certain date; reports the assets, liabilities, and owner's equity of the business.
6.
OPEN ENDED QUESTION
30 sec • 1 pt
Break Even
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Answer explanation
A point at which revenue equals expenses.
7.
OPEN ENDED QUESTION
30 sec • 1 pt
Business Transactions
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Answer explanation
A financial event that changes the resources of a firm.
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