1|Page
WGU D102 FINANCIAL ACCOUNTING: THE
ULTIMATE 2026-2027 UPDATED CERTIFICATION
MASTERY GUIDE – FEATURING VERIFIED EXAM
QUESTIONS AND EXPERT-VERIFIED ANSWERS FOR
A GUARANTEED A+ PASS ON YOUR FIRST ATTEMPT,
COMPLETE WITH IN-DEPTH EXPLANATIONS,
RIGOROUS PRACTICE ASSESSMENTS, AND
COMPREHENSIVE MODULES COVERING EVERY
CORE COMPETENCY REQUIRED FOR SUCCESS
What is a balance sheet?
Report of the total of the balances of all of a
company's bank accounts
Report of the assets, liabilities, and equity of a
company as of a point in time
Report of the revenues and expenses of a
company during a period
Report of the operating, investing, and financing
cash flows of a company during a period
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>>correct answer >> Report of the assets,
liabilities, and equity of a company as of a point
in time
Which item is a liability?
Accounts payable
Retained earnings
Accounts receivable
Capital stock >>correct answer >> Accounts
payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
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Inventory >>correct answer >> Retained
earnings
Strime Company's assets equal $104,000, and
its stockholders' equity totals $68,500.
What is the amount of its liabilities?
$35,500
$172,500
$68,500
$104,000 >>correct answer >> $35,500
The Whole Pine Company's liabilities equal
$124,000, and its stockholders' equity totals
$68,500. What is the amount of its assets?
$55,500
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$124,000
$68,500
$192,500 >>correct answer >> $192,500
Which is the proper description of the
accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities >>correct
answer >> Assets = Liabilities + Owners' Equity
After the effects of every transaction are
considered and recorded, what must the
accounting equation do?
Equal itself, or balance
WGU D102 FINANCIAL ACCOUNTING: THE
ULTIMATE 2026-2027 UPDATED CERTIFICATION
MASTERY GUIDE – FEATURING VERIFIED EXAM
QUESTIONS AND EXPERT-VERIFIED ANSWERS FOR
A GUARANTEED A+ PASS ON YOUR FIRST ATTEMPT,
COMPLETE WITH IN-DEPTH EXPLANATIONS,
RIGOROUS PRACTICE ASSESSMENTS, AND
COMPREHENSIVE MODULES COVERING EVERY
CORE COMPETENCY REQUIRED FOR SUCCESS
What is a balance sheet?
Report of the total of the balances of all of a
company's bank accounts
Report of the assets, liabilities, and equity of a
company as of a point in time
Report of the revenues and expenses of a
company during a period
Report of the operating, investing, and financing
cash flows of a company during a period
,2|Page
>>correct answer >> Report of the assets,
liabilities, and equity of a company as of a point
in time
Which item is a liability?
Accounts payable
Retained earnings
Accounts receivable
Capital stock >>correct answer >> Accounts
payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
,3|Page
Inventory >>correct answer >> Retained
earnings
Strime Company's assets equal $104,000, and
its stockholders' equity totals $68,500.
What is the amount of its liabilities?
$35,500
$172,500
$68,500
$104,000 >>correct answer >> $35,500
The Whole Pine Company's liabilities equal
$124,000, and its stockholders' equity totals
$68,500. What is the amount of its assets?
$55,500
, 4|Page
$124,000
$68,500
$192,500 >>correct answer >> $192,500
Which is the proper description of the
accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities >>correct
answer >> Assets = Liabilities + Owners' Equity
After the effects of every transaction are
considered and recorded, what must the
accounting equation do?
Equal itself, or balance
