wgu d102 pre assesment
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
Report of a company's financial position during a peri- point in time.
od of time.
Report of a company's operating performance as of a
point in time.
Report of a company's financial position as of a point
in time.
Report of a company's operating performance during
a period of time.
2. What is an owners' equity item? Capital stock
Loans payable
Accounts receivable
Capital stock
Cash
3. 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?
$60,000
$90,000
$150,000
$300,000
4. What is reported in a multiple-step income statement Gross profit
that is not reported in a single-step income state-
ment?
Gross profit
Dividends
, wgu d102 pre assesment
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
Retained earnings
Cash collected from customers
5. How is gross profit computed? Sales minus cost of goods
sold.
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses.
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statements: and income tax expense.
-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?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings.
7. What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or credi-
tors?
, wgu d102 pre assesment
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
Financing
Investing
Equity
Revenue
8. Here are some financial statement items for the year Cash paid for dividends
for a company. and cash received as new
-Cash received from customers investment from owners.
-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?
Cash received from customers and cash paid for rent.
Cash paid to purchase a new building and cash re-
ceived from the sale of land.
Cash paid for dividends and cash received as new in-
vestment from owners.
Cash received from customers, and cash paid to em-
ployees for wages.
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
-Net income flow from operating activi-
-Cash flow from financing activities ties, cash flow from invest-
-Cash balance at the beginning of the year
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
Report of a company's financial position during a peri- point in time.
od of time.
Report of a company's operating performance as of a
point in time.
Report of a company's financial position as of a point
in time.
Report of a company's operating performance during
a period of time.
2. What is an owners' equity item? Capital stock
Loans payable
Accounts receivable
Capital stock
Cash
3. 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?
$60,000
$90,000
$150,000
$300,000
4. What is reported in a multiple-step income statement Gross profit
that is not reported in a single-step income state-
ment?
Gross profit
Dividends
, wgu d102 pre assesment
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
Retained earnings
Cash collected from customers
5. How is gross profit computed? Sales minus cost of goods
sold.
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses.
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statements: and income tax expense.
-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?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings.
7. What cash flow category contains activities whereby Financing
cash is obtained from or repaid to owners or credi-
tors?
, wgu d102 pre assesment
wgu d102 pre assesment
Study online at https://quizlet.com/_czj68a
Financing
Investing
Equity
Revenue
8. Here are some financial statement items for the year Cash paid for dividends
for a company. and cash received as new
-Cash received from customers investment from owners.
-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?
Cash received from customers and cash paid for rent.
Cash paid to purchase a new building and cash re-
ceived from the sale of land.
Cash paid for dividends and cash received as new in-
vestment from owners.
Cash received from customers, and cash paid to em-
ployees for wages.
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
-Net income flow from operating activi-
-Cash flow from financing activities ties, cash flow from invest-
-Cash balance at the beginning of the year
