WGU D514 PRE ASSESSMENT AND OA EXAM ACTUAL EXAM COMPLETE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

WGU D514 PRE ASSESSMENT AND OA EXAM 2026-2027 ACTUAL
EXAM COMPLETE EXAM QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+




What is the purpose of the financial accounting cycle?


To turn information about transactions into financial statements
To gather information related to the expenses and income generated by a
company To produce and analyze a company's monthly bank statement
To collect confidential information for management to use as a competitive tool


To turn information about transactions into financial statements


According to the accounting equation, the amount of liabilities and equity must
always be equal to another amount.
What is that other amount?
The sum of expenses and
dividends Cash
Assets
The sum of revenues and expenses


Assets

,Which item is an expense item?
Cost of goods sold
Loans payable
Accounts
receivable
Accounts
payable


Cost of goods sold

How is gross profit computed?

Total revenues minus total
expenses Sales minus cost of
goods sold

Accounts receivable minus
accounts payable Total assets
minus total liabilities




Sales minus cost of goods sold

, Which type of account is retained earnings?


Revenue
Asset
Equity
Liability


Equity


For purposes of cash flow classification in the statement of cash flows, which
item is an operating activity?
Buying equipment
Selling bonds
Distributing dividends
Paying employees


Paying employees