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D102 PRACTICE QUESTIONS 2024/2025 Exam Questions and Verified Answers | Already Graded A+ $11.49
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D102 PRACTICE QUESTIONS 2024/2025 Exam Questions and Verified Answers | Already Graded A+

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D102 PRACTICE QUESTIONS 2024/2025 Exam Questions and Verified Answers | Already Graded A+ What is a balance sheet? -

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  • March 19, 2025
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  • 2024/2025
  • Exam (elaborations)
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  • D102
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NinjaNerd
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

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