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Exam (elaborations)

D102 PRACTICE QUESTIONS FULLY SOLVED & UPDATED .

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  • Course
  • WGU D102 Financial Accounting
  • Institution
  • WGU D102 Financial Accounting

D102 PRACTICE QUESTIONS FULLY SOLVED & UPDATED .

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  • August 10, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WGU D102 Financial Accounting
  • WGU D102 Financial Accounting
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D102 PRACTICE
QUESTIONS
FULLY SOLVED &
UPDATED 2024-
2025
What is a balance sheet? - answer Report of
the assets, liabilities, and equity of a
company as of a point in time


Which item is a liability? - answer Accounts
payable


Which item is an owners' equity item? -
answer Retained earnings

, Which statement best describes the main
features of inventories? - answer Goods
purchased and held for sale


What is a classified balance sheet? - answer
A balance sheet that distinguishes between
current and long-term assets


What does owners' equity represent? -
answer The difference between total assets
and total liabilities


For most companies, when assets or
liabilities are classified as "current" on the
balance sheet, it generally means the related
assets or liabilities will be turned into cash or
will be required to be paid, respectively,
within what time frame? - answer The next
year


Which is the proper description of the
accounting equation? - answer Assets =
Liabilities + Owners' Equity

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