WGU D102 FINANCIAL ACCOUNTING
FINAL EXAM |OA | LATEST UPDATED |
REAL EXAM COMPLETE QUESTIONS
AND ANSWERS | 100% RATED
CORRECT | 100% VERFIED | ALREADY
GRADED A+
What information is contained in a balance sheet?
Report of a company's financial position during a period of time.
Report of a company's operating performance as of a point in time.
Report of a company's financial position as of a point in time.
Report of a company's operating performance during a period of time. -
ANSWER Report of a company's financial position as of a point in time.
What is an owners' equity item?
Loans payable
Accounts receivable
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?
$60,000
$90,000
$150,000
$300,000 - ANSWER $90,000
,What is reported in a multiple-step income statement that is not reported in a single-step
income statement?
Gross profit
Dividends
Retained earnings
Cash collected from customers - ANSWER Gross profit
How is gross profit computed?
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses. - 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?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings. - 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?
Financing
Investing
Equity
Revenue - ANSWER Financing
Here are some financial statement items for the year for a company.
-Cash received from customers
-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?
Cash received from customers and cash paid for rent.
Cash paid to purchase a new building and cash received from the sale of land.
Cash paid for dividends and cash received as new investment from owners.
Cash received from customers, and cash paid to employees for wages. -
ANSWER Cash paid for dividends and cash received as new investment
from owners.
Here are some financial statement items for a company.
-Net income
-Cash flow from financing activities
-Cash balance at the beginning of the year
-Sales Cash flow from investing 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?
Cash balance at the beginning of the year, net income, cash flow from investing
activities, and retained earnings at the beginning of the year.
FINAL EXAM |OA | LATEST UPDATED |
REAL EXAM COMPLETE QUESTIONS
AND ANSWERS | 100% RATED
CORRECT | 100% VERFIED | ALREADY
GRADED A+
What information is contained in a balance sheet?
Report of a company's financial position during a period of time.
Report of a company's operating performance as of a point in time.
Report of a company's financial position as of a point in time.
Report of a company's operating performance during a period of time. -
ANSWER Report of a company's financial position as of a point in time.
What is an owners' equity item?
Loans payable
Accounts receivable
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?
$60,000
$90,000
$150,000
$300,000 - ANSWER $90,000
,What is reported in a multiple-step income statement that is not reported in a single-step
income statement?
Gross profit
Dividends
Retained earnings
Cash collected from customers - ANSWER Gross profit
How is gross profit computed?
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses. - 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?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings. - 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?
Financing
Investing
Equity
Revenue - ANSWER Financing
Here are some financial statement items for the year for a company.
-Cash received from customers
-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?
Cash received from customers and cash paid for rent.
Cash paid to purchase a new building and cash received from the sale of land.
Cash paid for dividends and cash received as new investment from owners.
Cash received from customers, and cash paid to employees for wages. -
ANSWER Cash paid for dividends and cash received as new investment
from owners.
Here are some financial statement items for a company.
-Net income
-Cash flow from financing activities
-Cash balance at the beginning of the year
-Sales Cash flow from investing 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?
Cash balance at the beginning of the year, net income, cash flow from investing
activities, and retained earnings at the beginning of the year.
