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WGU D102 FINANCIAL
ACCOUNTING 2026 ACTUAL
QUESTIONS WITH VERIFIED
SOLUTIONS.
What information is contained in a balance sheet? - 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 - 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? - ANSWER-
$90,000
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What is reported in a multiple-step income statement that is not
reported in a single-step income statement? - ANSWER-Gross
Profit
How is gross profit computed? - 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)
Which set is a list of all of the items that are used in computing
this company's net income? - 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? - ANSWER-
Financing
Here are some financial statement items for the year for a
company.
Cash received from customers
WGU D102 FINANCIAL
ACCOUNTING 2026 ACTUAL
QUESTIONS WITH VERIFIED
SOLUTIONS.
What information is contained in a balance sheet? - 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 - 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? - ANSWER-
$90,000
, 2 | Page
What is reported in a multiple-step income statement that is not
reported in a single-step income statement? - ANSWER-Gross
Profit
How is gross profit computed? - 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)
Which set is a list of all of the items that are used in computing
this company's net income? - 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? - ANSWER-
Financing
Here are some financial statement items for the year for a
company.
Cash received from customers
