WGU D102 FINANCIAL ACCOUNTING EXAM WITH
100% CORRECT AND VERIFIED ANSWERS
Correct 52
100%
Incorrect 00
Your answers
1 of 52
Term
The accountant for a company mistakenly posted a liability amount as a
revenue in the general ledger.
What is the financial statement impact of this error?
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, Assets are too low, and Liabilities are too low, and
retained earnings are too retained earnings are too high.
high.
Expenses are too high, so reported Revenues are too low, and retained
net income is too low. earnings are too low.
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2 of 52
Term
How are expenses typically recorded with debits and credits?
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As a credit, representing a decrease As a debit, representing an
in equity. increase in assets.
As a debit, representing a decrease As a credit, representing an increase
in liabilities. in liabilities.
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3 of 52
Term
,What cash flow category contains activities whereby cash is obtained
from or repaid to owners or creditors?
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Investing Delivering
Operating Financing
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4 of 52
Term
The revenue recognition principle states that revenues are recorded
when two main criteria have been met. One of those criteria is that
cash has been collected or collectability is reasonably assured.
What is the other criterion?
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The earnings process The goods have been physically
is substantially delivered.
complete.
, The payment has been received
in full. The contract has been signed.
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5 of 52
Term
On January 6, a credit sale was made for $1,000. Terms for the sale were
4/10, n/30. Cash for the sale was collected on January 25.
Which debit or credit should be included in the journal entry to record
the cash collection on January 25?
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Debit accounts receivable for $1,000 Credit sales revenue for $1,000
Credit cash for $1,000 Debit cash for $1,000
Don't know?
6 of 52
Term
100% CORRECT AND VERIFIED ANSWERS
Correct 52
100%
Incorrect 00
Your answers
1 of 52
Term
The accountant for a company mistakenly posted a liability amount as a
revenue in the general ledger.
What is the financial statement impact of this error?
Give this one a try later!
, Assets are too low, and Liabilities are too low, and
retained earnings are too retained earnings are too high.
high.
Expenses are too high, so reported Revenues are too low, and retained
net income is too low. earnings are too low.
Don't know?
2 of 52
Term
How are expenses typically recorded with debits and credits?
Give this one a try later!
As a credit, representing a decrease As a debit, representing an
in equity. increase in assets.
As a debit, representing a decrease As a credit, representing an increase
in liabilities. in liabilities.
Don't know?
3 of 52
Term
,What cash flow category contains activities whereby cash is obtained
from or repaid to owners or creditors?
Give this one a try later!
Investing Delivering
Operating Financing
Don't know?
4 of 52
Term
The revenue recognition principle states that revenues are recorded
when two main criteria have been met. One of those criteria is that
cash has been collected or collectability is reasonably assured.
What is the other criterion?
Give this one a try later!
The earnings process The goods have been physically
is substantially delivered.
complete.
, The payment has been received
in full. The contract has been signed.
Don't know?
5 of 52
Term
On January 6, a credit sale was made for $1,000. Terms for the sale were
4/10, n/30. Cash for the sale was collected on January 25.
Which debit or credit should be included in the journal entry to record
the cash collection on January 25?
Give this one a try later!
Debit accounts receivable for $1,000 Credit sales revenue for $1,000
Credit cash for $1,000 Debit cash for $1,000
Don't know?
6 of 52
Term
