WGU D102 Financial Accounting Study Guide | Accounting Terms,
Questions & Answers
WGU D102
FINANCIAL ACCOUNTING
STUDY GUIDE • TERMS & QUESTIONS
2026/2027 UPDATE
Course Code: WGU D102
Accounting Principles • Financial Statements • GAAP
Inventory • Depreciation • Internal Controls
Revenue Recognition • Equity • Exam Review
[School]
[Course title]
Page 0 of 9
, What information is contained in a balance sheet? - Correct answer Report of a
company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - Correct answer Capital Stock
A company ended July with assets of $150,000 and owner's equity of $60,000.
What is the amount of liabilities at the end of July? - Correct answer $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement? - Correct answer Gross Profit
How is gross profit computed? - Correct answer Sales minus cost of goods sold.
The following are some accounts from a company's 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? - Correct answer Sales, cost of goods sold, and income tax expense.
What cash flow category contains activities whereby cash is obtained from or repaid to
owners or creditors? - Correct answer Financing
Here are some financial statement items for the year for a company.
Cash received from customers
1
Questions & Answers
WGU D102
FINANCIAL ACCOUNTING
STUDY GUIDE • TERMS & QUESTIONS
2026/2027 UPDATE
Course Code: WGU D102
Accounting Principles • Financial Statements • GAAP
Inventory • Depreciation • Internal Controls
Revenue Recognition • Equity • Exam Review
[School]
[Course title]
Page 0 of 9
, What information is contained in a balance sheet? - Correct answer Report of a
company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - Correct answer Capital Stock
A company ended July with assets of $150,000 and owner's equity of $60,000.
What is the amount of liabilities at the end of July? - Correct answer $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement? - Correct answer Gross Profit
How is gross profit computed? - Correct answer Sales minus cost of goods sold.
The following are some accounts from a company's 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? - Correct answer Sales, cost of goods sold, and income tax expense.
What cash flow category contains activities whereby cash is obtained from or repaid to
owners or creditors? - Correct answer Financing
Here are some financial statement items for the year for a company.
Cash received from customers
1
