D102 Financial Accounting
WGU 2026 | Study Guide &
OA Exam Prep Questions
& Answers with Rationales
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Updated 2026 Questions and Answers
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Included
, What information is contained in a balance sheet? Report of a company's financial position as of a point in time.
What is an owners' equity item? Capital Stock
Accounts receivable
Loans payable
Capital stock
Cash
A company ended July with assets of $150,000 and $90,000
owner's equity of $60,000.
What is the amount of liabilities at the end of July?
What is reported in a multiple-step income statement that Gross Profit
is not reported in a single-step income statement?
How is gross profit computed? Sales minus cost of goods sold.
The following are some accounts from a company's Sales, cost of goods sold, and income tax expense.
financial statements:
(accounts receivable, cost of goods sold, cash, retained
earnings, sales, inventory, income tax expense, accounts
payable)
Which set is a list of all of the items that are used in
computing this company's net income?
What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or creditors?
Here are some financial statement items for the year for Cash paid for dividends and cash received as new investment from owners.
a company.
Cash received from customers
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
Here are some financial statement items for a company. Cash balance at the beginning of the year, cash flow from operating activities,
Net income cash flow from investing activities, and cash flow from financing activities.
Cash flow from financing activities
Cash balance at the beginning of the year
Sales Cash flow from investing activities
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's ending
cash balance for the year?
How is revenue typically recorded with debits and As a credit, representing an increase in equity.
credits?
What is the proper way to record an increase in an asset Asset, debit; equity, credit
account and an increase in an equity account?
How are expenses typically recorded with debits and As a debit, representing an increase in assets.
credits?
WGU 2026 | Study Guide &
OA Exam Prep Questions
& Answers with Rationales
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, What information is contained in a balance sheet? Report of a company's financial position as of a point in time.
What is an owners' equity item? Capital Stock
Accounts receivable
Loans payable
Capital stock
Cash
A company ended July with assets of $150,000 and $90,000
owner's equity of $60,000.
What is the amount of liabilities at the end of July?
What is reported in a multiple-step income statement that Gross Profit
is not reported in a single-step income statement?
How is gross profit computed? Sales minus cost of goods sold.
The following are some accounts from a company's Sales, cost of goods sold, and income tax expense.
financial statements:
(accounts receivable, cost of goods sold, cash, retained
earnings, sales, inventory, income tax expense, accounts
payable)
Which set is a list of all of the items that are used in
computing this company's net income?
What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or creditors?
Here are some financial statement items for the year for Cash paid for dividends and cash received as new investment from owners.
a company.
Cash received from customers
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
Here are some financial statement items for a company. Cash balance at the beginning of the year, cash flow from operating activities,
Net income cash flow from investing activities, and cash flow from financing activities.
Cash flow from financing activities
Cash balance at the beginning of the year
Sales Cash flow from investing activities
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's ending
cash balance for the year?
How is revenue typically recorded with debits and As a credit, representing an increase in equity.
credits?
What is the proper way to record an increase in an asset Asset, debit; equity, credit
account and an increase in an equity account?
How are expenses typically recorded with debits and As a debit, representing an increase in assets.
credits?
