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WGU D102 Financial Accounting Questions And Answers With Latest Quiz
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  • WGU D102
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  • Western Governor\\\'S University

WGU D102 Financial Accounting Questions And Answers With Latest Quiz 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 compa...

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  • March 10, 2025
  • 112
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Western Governor'S University
  • WGU D102

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WGU D102 Financial Accounting Questions And
Answers With Latest Quiz
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 ANS
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 ANS Accounts payable


Which item is an owners' equity item?


Accounts payable
Accounts receivable
Retained earnings

Inventory ANS 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 ANS $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 ANS $192,500


Which is the proper description of the accounting equation?


Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities

Owners' Equity = Liabilities ANS 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 ANS 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 ANS 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 ANS 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 ANS 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 ANS 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 ANS 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 ANS 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 ANS Total Assets - Liabilities


What is an accurate description of accounts payable?


Obligation arising from the purchase of inventory on account
Obligation arising from the sale of office supplies on account
Obligation arising from the payment of income taxes on account

Obligation arising from the sale of equipment on account ANS Obligation arising from the purchase
of inventory on account


Bullzai Company's financial records include these accounts at the end of the year:


Land

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