WGU D102 FINANCIAL ACCOUNTING
FINAL EXAM |OA | LATEST UPDATED |
REAL EXAM COMPLETE QUESTIONS
AND ANSWERS | 100% RATED
CORRECT | 100% VERFIED | ALREADY
GRADED A+
What is a balance sheet?
Report of the total of the balances of all of a company's bank accounts
Report of the assets, liabilities, and equity of a company as of a point in time
Report of the revenues and expenses of a company during a period
Report of the operating, investing, and financing cash flows of a company during a
period - ANSWER Report of the assets, liabilities, and
equity of a company as of a point in time
Which item is a liability?
Accounts payable
Retained earnings
Accounts receivable
Capital stock - ANSWER Accounts payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
Inventory - ANSWER Retained earnings
,Strime Company's assets equal $104,000, and its stockholders' equity totals $68,500.
What is the amount of its liabilities?
$35,500
$172,500
$68,500
$104,000 - ANSWER $35,500
The Whole Pine Company's liabilities equal $124,000, and its stockholders' equity totals
$68,500. What is the amount of its assets?
$55,500
$124,000
$68,500
$192,500 - ANSWER $192,500
Which is the proper description of the accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities - ANSWER Assets = Liabilities
+ Owners' Equity
After the effects of every transaction are considered and recorded, what must the
accounting equation do?
Equal itself, or balance
Equal total owners' equity
Equal total liabilities
Equal total assets - ANSWER Equal itself, or balance
,Which statement best describes the main features of inventories?
Goods due from customers who have purchased on account
Goods purchased and held for sale
Goods used by a company on a long-term basis, usually more than five years
Goods used by company employees on a daily basis - ANSWER
Goods purchased and held for sale
What is a classified balance sheet?
A balance sheet that is not publicly disclosed
A balance sheet that distinguishes between current and long-term assets
A balance sheet that is for a period of time rather than as of a point in time
A balance sheet that separates liabilities from equities - ANSWER
A balance sheet that distinguishes between current and long-term assets
What does owners' equity represent?
The difference between total assets and total liabilities
The difference between current assets and long-term assets
The difference between total liabilities and total owners' equity
The difference between current liabilities and long-term liabilities - ANSWER
The difference between total assets and total liabilities
For most companies, when assets or liabilities are classified as "current" on the balance
sheet, it generally means the related assets or liabilities will be turned into cash or will
be required to be paid, respectively, within what time frame?
The next quarter
, The next six months
The next month
The next year - ANSWER The next year
What is owners' equity?
An economic resource that is owned or controlled by a company
An obligation to pay cash, transfer other assets, or provide services to someone else
A residual amount representing the net assets available after all obligations have been
satisfied
The sum of operating, investing, and financing cash flows - ANSWER
A residual amount representing the net assets available after all obligations have been
satisfied
Which item is an asset?
Accounts receivable
Capital stock
Retained earnings
Accounts payable - ANSWER Accounts receivable
According to the accounting equation, what is the correct computation of owners'
equity?
Total Assets + Liabilities
Total Assets - Liabilities
Cash + Bank Loan Balance
Cash - Bank Loan Balance - ANSWER Total Assets -
Liabilities
FINAL EXAM |OA | LATEST UPDATED |
REAL EXAM COMPLETE QUESTIONS
AND ANSWERS | 100% RATED
CORRECT | 100% VERFIED | ALREADY
GRADED A+
What is a balance sheet?
Report of the total of the balances of all of a company's bank accounts
Report of the assets, liabilities, and equity of a company as of a point in time
Report of the revenues and expenses of a company during a period
Report of the operating, investing, and financing cash flows of a company during a
period - ANSWER Report of the assets, liabilities, and
equity of a company as of a point in time
Which item is a liability?
Accounts payable
Retained earnings
Accounts receivable
Capital stock - ANSWER Accounts payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
Inventory - ANSWER Retained earnings
,Strime Company's assets equal $104,000, and its stockholders' equity totals $68,500.
What is the amount of its liabilities?
$35,500
$172,500
$68,500
$104,000 - ANSWER $35,500
The Whole Pine Company's liabilities equal $124,000, and its stockholders' equity totals
$68,500. What is the amount of its assets?
$55,500
$124,000
$68,500
$192,500 - ANSWER $192,500
Which is the proper description of the accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities - ANSWER Assets = Liabilities
+ Owners' Equity
After the effects of every transaction are considered and recorded, what must the
accounting equation do?
Equal itself, or balance
Equal total owners' equity
Equal total liabilities
Equal total assets - ANSWER Equal itself, or balance
,Which statement best describes the main features of inventories?
Goods due from customers who have purchased on account
Goods purchased and held for sale
Goods used by a company on a long-term basis, usually more than five years
Goods used by company employees on a daily basis - ANSWER
Goods purchased and held for sale
What is a classified balance sheet?
A balance sheet that is not publicly disclosed
A balance sheet that distinguishes between current and long-term assets
A balance sheet that is for a period of time rather than as of a point in time
A balance sheet that separates liabilities from equities - ANSWER
A balance sheet that distinguishes between current and long-term assets
What does owners' equity represent?
The difference between total assets and total liabilities
The difference between current assets and long-term assets
The difference between total liabilities and total owners' equity
The difference between current liabilities and long-term liabilities - ANSWER
The difference between total assets and total liabilities
For most companies, when assets or liabilities are classified as "current" on the balance
sheet, it generally means the related assets or liabilities will be turned into cash or will
be required to be paid, respectively, within what time frame?
The next quarter
, The next six months
The next month
The next year - ANSWER The next year
What is owners' equity?
An economic resource that is owned or controlled by a company
An obligation to pay cash, transfer other assets, or provide services to someone else
A residual amount representing the net assets available after all obligations have been
satisfied
The sum of operating, investing, and financing cash flows - ANSWER
A residual amount representing the net assets available after all obligations have been
satisfied
Which item is an asset?
Accounts receivable
Capital stock
Retained earnings
Accounts payable - ANSWER Accounts receivable
According to the accounting equation, what is the correct computation of owners'
equity?
Total Assets + Liabilities
Total Assets - Liabilities
Cash + Bank Loan Balance
Cash - Bank Loan Balance - ANSWER Total Assets -
Liabilities
