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WGU D102 Financial Accounting 2024/2025 Exam Questions and Verified Answers | Already Graded A+ $13.99
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WGU D102 Financial Accounting 2024/2025 Exam Questions and Verified Answers | Already Graded A+

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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 t...

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  • March 19, 2025
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  • 2024/2025
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  • WGU D102 Financial Accounting
  • WGU D102 Financial Accounting
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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
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STATEMENT. ALL RIGHTS RESERVED

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