WGU C214 Concepts exam 2024 with 100% correct answers

Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) - correct answer False Stocks and bonds are two types of financial instruments (T/F) - correct answer True The matching principle in accrual accounting requires that: - correct answer Revenues be recognized when the earnings process is complete and matches expenses to revenues recognized. A basic equation for the balance sheet is: - correct answer Equity = Assets - Liabilities Why is the Balance Sheet known as a permanent statement? - correct answer Because the other statements are reset at the end of the fiscal year How do you calculate the change in Retained Earnings? - correct answer Net Income - Dividends Which of the following is generally true? - correct answer Operating Income and EBIT are the same Which components are part of total assets? - correct answer Cash Accounts Receivable, Inventory, Long Term Assets Which components are part of current assets? - correct answer Inventory, Cash, Accounts Receivable, Short Term Investments Which components are part of Total Liabilities? - correct answer Bonds, Accounts Payable, Mortgage