WGU D774 Intro to Business Accounting Exam Questions and Correct Answers 100%
Verified Graded A+
What is the fundamental accounting equation - Assets = Liabilities + Equity
Which side of an account increases assets and expenses - Debit (Dr)
Which side of an account increases liabilities, equity, and revenues - Credit (Cr)
What is a ledger - A collection of all accounts in the accounting system
Which statement shows revenues â€" expenses = net income - Income Statement
Which statement is a snapshot of assets, liabilities, and equity at a point in time - Balance
Sheet
What does the Retained Earnings Statement show - Beg. RE + Net Income â€" Dividends
= End RE
What are the three sections of the Statement of Cash Flows - Operating, Investing,
Financing
What is accrual accounting - Recognizing revenues and expenses when earned/incurred,
not when cash moves
Verified Graded A+
What is the fundamental accounting equation - Assets = Liabilities + Equity
Which side of an account increases assets and expenses - Debit (Dr)
Which side of an account increases liabilities, equity, and revenues - Credit (Cr)
What is a ledger - A collection of all accounts in the accounting system
Which statement shows revenues â€" expenses = net income - Income Statement
Which statement is a snapshot of assets, liabilities, and equity at a point in time - Balance
Sheet
What does the Retained Earnings Statement show - Beg. RE + Net Income â€" Dividends
= End RE
What are the three sections of the Statement of Cash Flows - Operating, Investing,
Financing
What is accrual accounting - Recognizing revenues and expenses when earned/incurred,
not when cash moves
