D102 PRACTICE QUESTIONS 2024/2025
Exam Questions and Verified Answers |
Already Graded A+
What is a balance sheet? - 🧠 ANSWER ✔✔Report of the assets, liabilities,
and equity of a company as of a point in time
Which item is a liability? - 🧠 ANSWER ✔✔Accounts payable
Which item is an owners' equity item? - 🧠 ANSWER ✔✔Retained earnings
Which statement best describes the main features of inventories? - 🧠
ANSWER ✔✔Goods purchased and held for sale
What is a classified balance sheet? - 🧠 ANSWER ✔✔A balance sheet that
distinguishes between current and long-term assets
What does owners' equity represent? - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
, turned into cash or will be required to be paid, respectively, within what
time frame? - 🧠 ANSWER ✔✔The next year
Which is the proper description of the accounting equation? - 🧠 ANSWER
✔✔Assets = Liabilities + Owners' Equity
After the effects of every transaction are considered and recorded, what
must the accounting equation do? - 🧠 ANSWER ✔✔Equal itself, or balance
What is owners' equity? - 🧠 ANSWER ✔✔A residual amount representing
the net assets available after all obligations have been satisfied
Which item is an asset? - 🧠 ANSWER ✔✔Accounts receivable
According to the accounting equation, what is the correct computation of
owners' equity? - 🧠 ANSWER ✔✔Total Assets - Liabilities
What is an accurate description of accounts payable? - 🧠 ANSWER
✔✔Obligation arising from the purchase of inventory on account
Bullzai Company's financial records include these accounts at the end of
the year:
Land
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Verified Answers |
Already Graded A+
What is a balance sheet? - 🧠 ANSWER ✔✔Report of the assets, liabilities,
and equity of a company as of a point in time
Which item is a liability? - 🧠 ANSWER ✔✔Accounts payable
Which item is an owners' equity item? - 🧠 ANSWER ✔✔Retained earnings
Which statement best describes the main features of inventories? - 🧠
ANSWER ✔✔Goods purchased and held for sale
What is a classified balance sheet? - 🧠 ANSWER ✔✔A balance sheet that
distinguishes between current and long-term assets
What does owners' equity represent? - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
, turned into cash or will be required to be paid, respectively, within what
time frame? - 🧠 ANSWER ✔✔The next year
Which is the proper description of the accounting equation? - 🧠 ANSWER
✔✔Assets = Liabilities + Owners' Equity
After the effects of every transaction are considered and recorded, what
must the accounting equation do? - 🧠 ANSWER ✔✔Equal itself, or balance
What is owners' equity? - 🧠 ANSWER ✔✔A residual amount representing
the net assets available after all obligations have been satisfied
Which item is an asset? - 🧠 ANSWER ✔✔Accounts receivable
According to the accounting equation, what is the correct computation of
owners' equity? - 🧠 ANSWER ✔✔Total Assets - Liabilities
What is an accurate description of accounts payable? - 🧠 ANSWER
✔✔Obligation arising from the purchase of inventory on account
Bullzai Company's financial records include these accounts at the end of
the year:
Land
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
