WGU D102 Pre-
Assessment w/
answer choices
(not all
questions)
What information is contained in a balance
sheet?
a. Report of a company's operating
performance during a period of time
b. Report of a company's financial position
during a period of time
c. Report of a company's operating
performance as of a point in time
d. Report of a company's financial position as
of a point in time - answer D
,What is an owners' equity item?
a. Capital stock
b. Loans payable
c. Cash
d. Accounts Receivable (A/R) - answer A
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?
a. $60,000
b. $90,000
c. $150,000
d. $300,000 - answer B
What is reported in a multiple-step income
statement that is not reported in a single-
step income statement?
,a. Dividends
b. Retained earnings
c. Gross profit
d. Cash collected from customers - answer C
How is gross profit computed?
a. Cash - Dividends
b. Sales - Operating Expenses
c. Sales - COGS
d. Total Revenue - Total Expenses - answer C
The following are some accounts from a
company's financial statements:
1. Accounts Receivable (A/R)
2. COGS
3. Cash
4. Retained Earnings
5. Sales
6. Inventory
7. Income Tax Expense
, 8. Accounts Payable (A/P)
Which set is a list of all the items that are
used in computing this company's net
income?
a. 3, 4, and 8
b. 2, 5, and 7
c. 1, 3, and 8
d. 4, 6, and 8 - answer B
What cash flow category contains activities
whereby cash is obtained from or repaid to
owners or creditors?
a. Equity
b. Investing
c. Revenue
d. Financing - answer D
Here are come financial statement items for
the year for a company:
1. Cash received from customers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GUARANTEEDSUCCESS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.