D102 Financial Accounting WGU
Study online at https://quizlet.com/_9eomv5
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
point in time.
2. What is an owners' equity item? Capital Stock
Accounts receivable
Loans payable
Capital stock
Cash
3. A company ended July with assets of $150,000 and $90,000
owner's equity of $60,000.
What is the amount of liabilities at the end of July?
4. What is reported in a multiple-step income statement Gross Profit
that is not reported in a single-step income state-
ment?
5. How is gross profit computed? Sales minus cost of goods
sold.
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statements: and income tax expense.
(accounts receivable, cost of goods sold, cash, re-
tained 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?
7. What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or credi-
tors?
, D102 Financial Accounting WGU
Study online at https://quizlet.com/_9eomv5
8. Here are some financial statement items for the year Cash paid for dividends and
for a company. cash received as new in-
Cash received from customers vestment from owners.
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
Net income flow from operating activi-
Cash flow from financing activities ties, cash flow from invest-
Cash balance at the beginning of the year ing activities, and cash flow
Sales Cash flow from investing activities from financing activities.
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's
ending cash balance for the year?
10. How is revenue typically recorded with debits and As a credit, representing an
credits? increase in equity.
11. What is the proper way to record an increase in an Asset, debit; equity, credit
asset account and an increase in an equity account?
12.
Study online at https://quizlet.com/_9eomv5
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
point in time.
2. What is an owners' equity item? Capital Stock
Accounts receivable
Loans payable
Capital stock
Cash
3. A company ended July with assets of $150,000 and $90,000
owner's equity of $60,000.
What is the amount of liabilities at the end of July?
4. What is reported in a multiple-step income statement Gross Profit
that is not reported in a single-step income state-
ment?
5. How is gross profit computed? Sales minus cost of goods
sold.
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statements: and income tax expense.
(accounts receivable, cost of goods sold, cash, re-
tained 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?
7. What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or credi-
tors?
, D102 Financial Accounting WGU
Study online at https://quizlet.com/_9eomv5
8. Here are some financial statement items for the year Cash paid for dividends and
for a company. cash received as new in-
Cash received from customers vestment from owners.
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
Net income flow from operating activi-
Cash flow from financing activities ties, cash flow from invest-
Cash balance at the beginning of the year ing activities, and cash flow
Sales Cash flow from investing activities from financing activities.
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's
ending cash balance for the year?
10. How is revenue typically recorded with debits and As a credit, representing an
credits? increase in equity.
11. What is the proper way to record an increase in an Asset, debit; equity, credit
asset account and an increase in an equity account?
12.
