WGU D102
FINANCIAL ACCOUNTING
PRE-ASSESSMENT EXAM REVIEW
QUESTIONS • COMPLETE SOLUTIONS
2023 UPDATE
Course Code: WGU D102
Financial Statements • Journal Entries • Inventory
Depreciation • Liabilities • Equity • Cash Flows
Accounting Principles • Exam Preparation
WGU D102 Pre-Assessment Exam Study Guide | Financial
Accounting Questions & Answers
,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
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? - ✓✓✓$90,000
What is reported in a multiple-step income statement that is not
reported in a single-step income statement? - ✓✓✓Gross profit
How is gross profit computed? - ✓✓✓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
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, Which set is a list of all of the items that are used in computing this
company's net income? - ✓✓✓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? - ✓✓✓Financing
Here are some financial statement items for the year for 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? - ✓✓✓Cash paid for
dividends and cash received as new investment from owners.
Here are some financial statement items for a company.
Net income
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
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FINANCIAL ACCOUNTING
PRE-ASSESSMENT EXAM REVIEW
QUESTIONS • COMPLETE SOLUTIONS
2023 UPDATE
Course Code: WGU D102
Financial Statements • Journal Entries • Inventory
Depreciation • Liabilities • Equity • Cash Flows
Accounting Principles • Exam Preparation
WGU D102 Pre-Assessment Exam Study Guide | Financial
Accounting Questions & Answers
,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
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? - ✓✓✓$90,000
What is reported in a multiple-step income statement that is not
reported in a single-step income statement? - ✓✓✓Gross profit
How is gross profit computed? - ✓✓✓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
P a g e 1 | 15
, Which set is a list of all of the items that are used in computing this
company's net income? - ✓✓✓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? - ✓✓✓Financing
Here are some financial statement items for the year for 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? - ✓✓✓Cash paid for
dividends and cash received as new investment from owners.
Here are some financial statement items for a company.
Net income
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
P a g e 2 | 15
