WGU D102 Financial Accounting
2024/2025 Exam Questions and Verified
Answers | Already Graded A+
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 - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Accounts receivable
Capital stock - 🧠 ANSWER ✔✔Accounts payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
Inventory - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,$104,000 - 🧠 ANSWER ✔✔$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 - 🧠 ANSWER ✔✔$192,500
Which is the proper description of the accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities - 🧠 ANSWER ✔✔Assets = Liabilities + Owners'
Equity
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 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 - 🧠 ANSWER ✔✔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 - 🧠 ANSWER
✔✔Goods purchased and held for sale
What is a classified balance sheet?
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
2024/2025 Exam Questions and Verified
Answers | Already Graded A+
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 - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,Accounts receivable
Capital stock - 🧠 ANSWER ✔✔Accounts payable
Which item is an owners' equity item?
Accounts payable
Accounts receivable
Retained earnings
Inventory - 🧠 ANSWER ✔✔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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,$104,000 - 🧠 ANSWER ✔✔$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 - 🧠 ANSWER ✔✔$192,500
Which is the proper description of the accounting equation?
Owners' Equity = Assets
Assets = Liabilities + Owners' Equity
Assets = Liabilities
Owners' Equity = Liabilities - 🧠 ANSWER ✔✔Assets = Liabilities + Owners'
Equity
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 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 - 🧠 ANSWER ✔✔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 - 🧠 ANSWER
✔✔Goods purchased and held for sale
What is a classified balance sheet?
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
