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?
Accurate 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
Accurate 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?
Accurate Answer: $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement?
Accurate Answer: Gross Profit
How is gross profit computed?
Accurate 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?
Accurate 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?
Accurate 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?
Accurate 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
UPDATED |REAL EXAM COMPLETE QUESTIONS AND ANSWERS | 100%
RATED CORRECT | 100% VERFIED | ALREADY GRADED A+
What information is contained in a balance sheet?
Accurate 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
Accurate 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?
Accurate Answer: $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement?
Accurate Answer: Gross Profit
How is gross profit computed?
Accurate 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?
Accurate 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?
Accurate 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?
Accurate 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
