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Exam (elaborations)

WSU Accounting 230 Exam 2 Questions With 100% Correct Answers 2024

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Institution WSU Accounting 230
Course WSU Accounting 230
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WSU Accounting 230 Exam 2 Questions With 100% Correct Answers

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WSU Accounting 230 Exam 2 Questions
With 100% Correct Answers

WhichiofitheiFollowingireportsitheicashiinflows,icashioutflows,iandichan
geiinicashiforiperiod?iA.iBalanceiSheetiB.iIncomeiStatementiC.iStatemen
tiofiStockholder'siEquityiD.iAuditor'siReportiE.iStatementiofiCashiFlowsi-
iCorrectiAnswer-E.iStatementiofiCashiFlows




AssetsiforiaiparticulariBusinessimightiinclude:iA.icash,iaccountsipayable,i
andinotesipayableiB.icash,iaccountsireceivable,iandiinventoryiC.icash,ire
tainediearnings,iandiaccountsireceivableiD.iinventories,ipropertyiandieq
uipment,iandistocki-iCorrectiAnswer-
B.iCash,iaccountsireceivable,iandiinventory


BusinessiLiabilitiesiare:iA.itheiamountsithatiownersihaveiinvestediinithei
businessiB.itheiincreasesiiniassetsithatiresultifromiprofitableioperationsi
C.iamountsiitiexpectsitoicollectiinitheifutureifromicustomersiD.idebtsiori
obligationsiresultingifromipastitransactionsi-iCorrectiAnswer-
D.idebtsioriobligationsiresultingifromipastitransactions


Accountsireceivableirepresents:iA.iamountsiwhichiareioweditoitheicom
panyibyiitsicustomersiresultingifromicreditisalesiB.iamountsiwhichiareid
ueitoishareholdersiC.iamountsiwhichiareiowedibyitheicompanyitoiitsisup
pliersiforipastipurchasesiD.iamountsiwhichihaveibeeniborroweditoifinan
ceioperationsi-iCorrectiAnswer-
A.iamountsiwhichiareioweditoitheicompanyibyiitsicustomersiresultingifr
omicreditisales

, Prepaidiexpenses:iA.iwilliresultiiniaiexpenseibeingichargedisometimeiinit
heifutureiB.iresultifromipayingiforianiexpenseisuchiasirentiiniadvanceiofi
usingiitiC.iareiailiabilityiD.ibothiAiandiBiareicorrecti-iCorrectiAnswer-
D.ibothiAiandiBiareicorrect


Theiaccumulatediamountiofipastiearningsiofiaicorporationithatihasinotib
eenidistributeditoishareholdersiasidividendsirefersito:iA.itotaliassetsiB.in
etiincomeiC.iretainediearningsiD.istocki-iCorrectiAnswer-
C.iRetainediearnings


Aicompanyiwouldireportiainetilossiwhen:iA.iitsiassetsidecreasediduringia
niaccountingiperiodiB.iitsiexpensesiexceedediitsirevenuesiforianiaccount
ingiperiodiC.iretainediearningsidecreasedidueitoipayingidividendsitoisha
reholdersiD.iitsiliabilitiesiincreasediduringianiaccountingiperiodi-
iCorrectiAnswer-

B.iitsiexpensesiexceedediitsirevenuesiforianiaccountingiperiod


Iniwhatiorderiwoulditheiitemsionitheibalanceisheetiappear?iA.iassets,ire
tainediearnings,iliabilities,istockiB.iassets,iliabilities,istock,iretainediearn
ingsiC.iassets,istock,iliabilities,iretainediearningsiD.istock,iretainediearni
ngs,iliabilities,iassetsi-iCorrectiAnswer-
B.iassets,iliabilities,istock,iretainediearnings


Whatiisitheiprimaryipurposeiofifinancialiaccounting?i-iCorrectiAnswer-
Measureibusinessitransactionsiandicommunicateithoseimeasuresitoiext
ernaliusersitoimakeidecisions

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