3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
WGU D774 Intro to Business Accounting |PA| Explore New 70
Questions and Answers|2025 Update | 100% Correct.
Correct 70
Incorrect 00
WGU D774
70 Correct terms
Questions and answers
Term
Which item is reported in an income statement?
Give this one a go later!
Liabilities
,3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
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2 of 70
Term
In which situation does a company report revenue?
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When products or services are
When it repays loans
sold
When it pays wages to employees When dividends are paid to owners
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3 of 70
Term
The amount of a company’s assets and the amount of the
company’s liabilities are known. Which computation should be
performed to determine the company’s owners’ equity amount
according to the accounting equation?
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,3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
Assets minus liabilities Cash minus bank loan balance
Assets plus liabilities Cash plus bank loan balance
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4 of 70
Term
Which label refers to the costs of buying or making the products a
company sells?
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Wages and salary expense Current liability
Sales revenue Cost of sales
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5 of 70
Term
Which condition is associated with a company’s break-even point?
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, 3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
he company has total period costs The company has total sales equal
equal to total product costs. to total fixed costs.
The company has total sales equal The company has no profit
to total variable costs and has no loss.
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6 of 70
Term
Which report is one of the three primary financial statements?
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Income statement Investor funds statement
Financial notation statement Budgeted cash statement
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7 of 70
Term
What is an advantage of structuring a business as a corporation?
WGU D774 Intro to Business Accounting |PA| Explore New 70
Questions and Answers|2025 Update | 100% Correct.
Correct 70
Incorrect 00
WGU D774
70 Correct terms
Questions and answers
Term
Which item is reported in an income statement?
Give this one a go later!
Liabilities
,3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
Don't know?
2 of 70
Term
In which situation does a company report revenue?
Give this one a go later!
When products or services are
When it repays loans
sold
When it pays wages to employees When dividends are paid to owners
Don't know?
3 of 70
Term
The amount of a company’s assets and the amount of the
company’s liabilities are known. Which computation should be
performed to determine the company’s owners’ equity amount
according to the accounting equation?
Give this one a go later!
,3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
Assets minus liabilities Cash minus bank loan balance
Assets plus liabilities Cash plus bank loan balance
Don't know?
4 of 70
Term
Which label refers to the costs of buying or making the products a
company sells?
Give this one a go later!
Wages and salary expense Current liability
Sales revenue Cost of sales
Don't know?
5 of 70
Term
Which condition is associated with a company’s break-even point?
Give this one a go later!
, 3/25/25, 12:27 AM WGU D774 Intro to Business Accounting
he company has total period costs The company has total sales equal
equal to total product costs. to total fixed costs.
The company has total sales equal The company has no profit
to total variable costs and has no loss.
Don't know?
6 of 70
Term
Which report is one of the three primary financial statements?
Give this one a go later!
Income statement Investor funds statement
Financial notation statement Budgeted cash statement
Don't know?
7 of 70
Term
What is an advantage of structuring a business as a corporation?
