LATEST WGU D102 FINANCIAL ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS
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Course
WGU D102 FINANCIAL ACCOUNTING
Institution
WGU D102 FINANCIAL ACCOUNTING
What information is contained in a balance sheet? - CORRECT ANSWER Report of a company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - CORRECT ANSWER Capital Stock
A company ended July w...
LATEST WGU D102 FINANCIAL ACCOUNTING
2024-2025 QUESTIONS WITH 100% CORRECT
ANSWERS
What information is contained in a balance sheet? - CORRECT ANSWER Report of a
company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - CORRECT ANSWER 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? - CORRECT ANSWER $90,000
What is reported in a multiple-step income statement that is not reported in a single-
step income statement? - CORRECT ANSWER Gross Profit
How is gross profit computed? - CORRECT ANSWER Sales minus cost of goods sold.
The following are some accounts from a company's financial statements:
(accounts receivable, cost of goods sold, cash, retained earnings, sales, inventory,
income tax expense, accounts payable)
, LATEST WGU D102 FINANCIAL ACCOUNTING
2024-2025 QUESTIONS WITH 100% CORRECT
ANSWERS
Which set is a list of all of the items that are used in computing this company's net
income? - CORRECT ANSWER Sales, cost of goods sold, and income tax expense.
What cash flow category contains activities whereby cash is obtained from or repaid to
owners or creditors? - CORRECT ANSWER Financing
Here are some financial statement items for the year for a company.
Cash received from customers
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in computing the company's financing
cash flow for the year? - CORRECT ANSWER Cash paid for dividends and cash
received as new investment from owners.
Here are some financial statement items for a company.
Net income
Cash flow from financing activities
Cash balance at the beginning of the year
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