VYC1 Principles of Accounting WGU Part 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | a system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
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| show | expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
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| show | income that has been earned but not yet received and recorded
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| deferred expenses | show 🗑
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| deferred income | show 🗑
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| show | a form used to list the volume and type of goods a firm has in stock
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| net income line | show 🗑
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| prepaid expenses | show 🗑
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| property, plant, and equipment | show 🗑
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| show | income received before it is earned
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| show | the amounts entered in the Adjusted Trial Balance section of the worksheet
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| show | a format by which revenues and expenses on the income statement, and assets and liabilities on the balance sheet, are divided into groups of similar accounts and a subtotal is given for each group
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| current assets | show 🗑
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| show | debts that must be paid within one year
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| show | a relationship between current assets and current liabilities that provides a measure of a firm's ability to pay its current debts (current ratio = current assets / current liabilities)
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| gross profit | show 🗑
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| gross profit percentage | show 🗑
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| show | the number of times inventory is purchased and sold during the accounting period (inventory turnover = cost of goods sold / average inventory)
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| show | the ease with which an item can be converted into cash
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| show | debts of business that are due more than one year in the future
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| show | a type of income statement on which several subtotals are computed before the net income is calculated
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| plant and equipment | show 🗑
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| show | journal entries made to reverse the effect of certain adjusting entries involving accrued income or accrued expenses to avoid problems in recording future payments or receipts of cash in a new accounting period
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| single-step income statement | show 🗑
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| working capital | show 🗑
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| Start on Chapter 14 | show 🗑
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