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WGU D102 Pre-Assessment Questions And Answers With Verified Quiz

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WGU D102

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Western Governor\\\'S University

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wgu d102 pre assessment questions
what information is contained in a balance sheet

Institution Western Governor'S University
Course WGU D102

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WGU D102 Pre-Assessment Questions And Answers
With Verified Quiz
What information is contained in a balance sheet?

Report of a company's financial position during a period 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. ANS Report of a company's
financial position as of a point in time.

What is an owners' equity item?

Loans payable
Accounts receivable
Capital stock

Cash ANS 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?

$60,000
$90,000
$150,000

$300,000 ANS $90,000

What is reported in a multiple-step income statement that is not reported in a single-step income
statement?

Gross profit
Dividends

,Retained earnings

Cash collected from customers ANS Gross profit

How is gross profit computed?

Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.

Total revenues minus total expenses. ANS 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?

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. ANS 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
Investing
Equity

Revenue ANS 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 received from customers and cash paid for rent.
Cash paid to purchase a new building and cash received from the sale of land.
Cash paid for dividends and cash received as new investment from owners.

Cash received from customers, and cash paid to employees for wages. ANS 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

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