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D102 Financial Accounting WGU Exam/52 Q’s and A’s
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D102 Financial Accounting WGU Exam/52 Q’s and A’s

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  • October 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • d102 financial accounting wgu exam52 qs and as

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  • D102 Financial Accounting WGU
  • D102 Financial Accounting WGU

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D102 Financial Accounting WGU
Exam/52 Q’s and A’s
What information is contained in a balance sheet? - -Financial position as of
a point in time.

- What is an owners' equity item? - -Capital Stock

- A company ended July with assets of $150,000 and owner's equity of
$60,000. What is the amount of liabilities at the end of July? - -$90,000

- What is reported in a multiple-step income statement that is not reported
in a single-step income statement? - -Gross Profit

- How is gross profit computed? - -Sales minus cost of goods sold.

- Which set is a list of all items used in computing net income? - -Sales, cost
of goods sold, and income tax expense.

- What cash flow category contains activities involving owners or creditors? -
-Financing

- Which set of items is used in computing the company's financing cash flow
for the year? - -Cash paid for dividends and cash received as new
investment from owners.

- What items are used in computing the company's ending cash balance for
the year? - -Cash balance at the beginning of the year, cash flow from
operating activities, cash flow from investing activities, and cash flow from
financing activities.

- How is revenue typically recorded with debits and credits? - -As a credit,
representing an increase in equity.

- Proper way to record an increase in an asset account and an increase in an
equity account - -Asset - debit; equity - credit

- How are expenses recorded with debits and credits? - -Debit, representing
an increase in assets

- Journal entry for inventory purchase: $5,000 total, $1,000 cash - -Credit to
accounts payable for $4,000

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