WGU D102 EXAM/36 QUESTIONS
AND ANSWERS
Assets - -economic resources that are owned or controlled by a company.
- Common Assets - -Cash, Accounts Receivable, Inventory, Buildings
- Cash - -Coins, currency, checks
*The amount in a company's checking account
- Accounts Receivable - -Amounts owed to a company that sold goods or
services to a customer on credit
*If you have a balance on your credit card, the credit card company classifies
the amount you owe them as an account receivable.
- Inventory - -Items that are purchased or manufactured by a company and
are resold
*The items you see on the shelves in Walmart are considered by Walmart as
inventory.
- Buildings - -Structures used in the operations of a business
*The physical store itself is classified by Walmart as a building.
- Common Liabilities - -Accounts Payable, Taxes Payable, Mortgage Payable,
Unearned Revenue
- Accounts Payable - -Amount owed as a result of the purchase of goods and
services on credit
* The amount owed by a company for inventory that was purchased on credit
and has not been paid for yet
- Taxes Payable - -Amount owed to federal and state governments resulting
from the application of tax laws
* Corporate income tax or employment taxes owed but not yet paid
- Mortgage Payable - -Amount owed relating to the purchase of property
*The loan associated with the purchase of a home or building
AND ANSWERS
Assets - -economic resources that are owned or controlled by a company.
- Common Assets - -Cash, Accounts Receivable, Inventory, Buildings
- Cash - -Coins, currency, checks
*The amount in a company's checking account
- Accounts Receivable - -Amounts owed to a company that sold goods or
services to a customer on credit
*If you have a balance on your credit card, the credit card company classifies
the amount you owe them as an account receivable.
- Inventory - -Items that are purchased or manufactured by a company and
are resold
*The items you see on the shelves in Walmart are considered by Walmart as
inventory.
- Buildings - -Structures used in the operations of a business
*The physical store itself is classified by Walmart as a building.
- Common Liabilities - -Accounts Payable, Taxes Payable, Mortgage Payable,
Unearned Revenue
- Accounts Payable - -Amount owed as a result of the purchase of goods and
services on credit
* The amount owed by a company for inventory that was purchased on credit
and has not been paid for yet
- Taxes Payable - -Amount owed to federal and state governments resulting
from the application of tax laws
* Corporate income tax or employment taxes owed but not yet paid
- Mortgage Payable - -Amount owed relating to the purchase of property
*The loan associated with the purchase of a home or building
