D774 Intro to Business Accounting
(WGU)Exam Questions and Answers with
Guaranteed Pass
What is the fundamental accounting equation - Correct Answers -Assets = Liabilities + Equity
Which side of an account increases assets and expenses - Correct Answers -Debit (Dr)
Which side of an account increases liabilities, equity, and revenues - Correct Answers -Credit
(Cr)
What is a ledger - Correct Answers -A collection of all accounts in the accounting system
Which statement shows revenues â€" expenses = net income - Correct Answers -Income
Statement
Which statement is a snapshot of assets, liabilities, and equity at a point in time - Correct
Answers -Balance Sheet
What does the Retained Earnings Statement show - Correct Answers -Beg. RE + Net Income â€"
Dividends = End RE
What are the three sections of the Statement of Cash Flows - Correct Answers -Operating,
Investing, Financing
What is accrual accounting - Correct Answers -Recognizing revenues and expenses when
earned/incurred, not when cash moves
(WGU)Exam Questions and Answers with
Guaranteed Pass
What is the fundamental accounting equation - Correct Answers -Assets = Liabilities + Equity
Which side of an account increases assets and expenses - Correct Answers -Debit (Dr)
Which side of an account increases liabilities, equity, and revenues - Correct Answers -Credit
(Cr)
What is a ledger - Correct Answers -A collection of all accounts in the accounting system
Which statement shows revenues â€" expenses = net income - Correct Answers -Income
Statement
Which statement is a snapshot of assets, liabilities, and equity at a point in time - Correct
Answers -Balance Sheet
What does the Retained Earnings Statement show - Correct Answers -Beg. RE + Net Income â€"
Dividends = End RE
What are the three sections of the Statement of Cash Flows - Correct Answers -Operating,
Investing, Financing
What is accrual accounting - Correct Answers -Recognizing revenues and expenses when
earned/incurred, not when cash moves
