Exam (elaborations)

WGU D102 FINANCIAL ACCOUNTING OBJECTIVE ASSESSMENT ACTUAL EXAM 2025/2026 COMPLETE QUESTIONS WITH VERIFIED CORRECT ANSWERS || 100% GUARANTEED PASS <NEWEST VERSION>

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WGU D102 FINANCIAL ACCOUNTING

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WGU D102 FINANCIAL ACCOUNTING

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Course WGU D102 FINANCIAL ACCOUNTING

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WGU D102 FINANCIAL ACCOUNTING
OBJECTIVE ASSESSMENT ACTUAL
EXAM 2025/2026 COMPLETE
QUESTIONS WITH VERIFIED CORRECT
ANSWERS || 100% GUARANTEED PASS
<NEWEST VERSION>

1. Inventory - ANSWER ✓ goods held for resale

2. Cost of goods sold - ANSWER ✓ the costs incurred to purchase or
manufacture the merchandise sold during a period

3. Raw materials - ANSWER ✓ materials purchased for use in manufacturing
products

4. Work-in-process - ANSWER ✓ partially completed units in production

5. Finished goods - ANSWER ✓ manufactured products ready for sale

6. Manufacturing overhead - ANSWER ✓ the indirect manufacturing costs
associated with producing inventory

7. FOB (free-on-board)destination - ANSWER ✓ a business term meaning that
the seller of merchandise bears the shipping costs and maintains ownership
until the merchandise is delivered to the buyer

8. FOB (free-on-board) shipping point - ANSWER ✓ a business term meaning
that the buyer of merchandise bears the shipping costs and acquires
ownership at the point of shipment

,9. Consignment - ANSWER ✓ an arrangement whereby merchandise owned
by one party, the consignor, is sold by another party, the consignee, usually
on a commission basis

10.Perpetual inventory system - ANSWER ✓ a system of accounting for
inventory in which detailed records of the number of units and the cost of
each purchase and sales transaction are prepared throughout the accounting
period

11.Generally accepted accounting principles (GAAP) - ANSWER ✓ a common
set of accepted accounting principles, standards, and procedures that
companies and their accountants must follow when they compile their
financial statements

12.accrual accounting - ANSWER ✓ the process of recording expenses and
revenues when incurred and earned, regardless of when cash is received, and
of adjusting original transaction data into refined measures of a firm's past
economic performance and current economic condition

13.Time period concept - ANSWER ✓ the idea that the life of a business is
divided into distinct and relatively short time periods so that accounting
information can be timely

14.Fiscal year - ANSWER ✓ an entity's reporting year, covering a 12-month
accounting period

15.Calendar year - ANSWER ✓ an entity's reporting year, from January 1 to
December 31

16.Accrual basis accounting - ANSWER ✓ a system of accounting in which
revenues and expenses are recorded as they are earned and incurred, not
necessarily when cash is received or paid

17.Revenue recognition principle - ANSWER ✓ the idea that revenues should
be recorded when (1) the earnings process has been substantially completed
and (2) cash has either been collected or collectibility is reasonably assured

,18.Matching principle - ANSWER ✓ the concept that all costs and expenses
incurred in generating revenues must be recognized in the same reporting
period as the related revenues

19.Cash basis accounting - ANSWER ✓ a system of accounting in which
transactions are recorded and revenues and expenses are recognized only
when cash is received or paid

20.Here are payroll data for the employees of a company:

FICA Taxes Payable, Employees $13,000
State Withholding Taxes Payable 8,000
Federal Withholding Taxes Payable 25,000
Salaries Payable 200,000
What is included in the journal entry necessary to record these employees'
payroll data?

Credit to Salaries Payable for $246,000
Debit to Salaries Payable for $246,000
Debit to Salary Expense for $246,000
Credit to Salary Expense for $246,000 - ANSWER ✓ Debit to Salary
Expense for $246,000

21.Here are payroll tax data related to the employees of a company:

Federal Unemployment Taxes Payable $8,000
FICA Taxes Payable, Employer 64,000
State Unemployment Taxes Payable 40,000
What is included in the journal entry necessary to record these payroll tax
data?

Credit to State Unemployment Taxes Payable for $40,000
Debit to FICA Taxes Payable, Employer for $64,000
Debit to Payroll Tax Expense for $64,000
Credit to Payroll Tax Expense for $40,000 - ANSWER ✓ Credit to State
Unemployment Taxes Payable for $40,000

, 22.An employee of a company earns a salary of $300 per day. In addition, for
every 10 days that she works, she earns the right to take a paid sick day at
some point in the future.

Ignoring any payroll taxes and assuming that this employee's salary has not
yet been paid, what is included in the journal entry necessary to record her
salary for the most recent pay period, which involved her using 25 sick
days?

Debit to Sick Days Payable for $300
Credit to Salaries Expense for $7,500
Debit to Salaries Expense for $300
Credit to Salaries Payable for $7,500 - ANSWER ✓ Credit to Salaries
Payable for $7,500

23.Jaunty Coffee Co. made retail sales of $100,000 to its customers. The sales
tax rate is 7.00%. All sales are cash sales.

What is included in the journal entry necessary to record these sales?

Debit to Sales Tax Payable for $107,000
Credit to Sales Revenue for $100,000
Debit to Sales Revenue for $100,000
Credit to Sales Tax Payable for $107,000 - ANSWER ✓ Credit to Sales
Revenue for $100,000

24.A company is involved in litigation over who must clean up a toxic waste
site near one of the company's factories. The likelihood that the company
will be required to pay for the cleanup is remote.

How should the company report this lawsuit in its financial statements?

No liability in the balance sheet, no disclosure in the financial statement
notes

A liability in the balance sheet, no disclosure in the financial statement notes

A liability in the balance sheet, some disclosure in the financial statement
notes

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Exam (elaborations)

WGU D102 FINANCIAL ACCOUNTING OBJECTIVE ASSESSMENT ACTUAL EXAM 2025/2026 COMPLETE QUESTIONS WITH VERIFIED CORRECT ANSWERS || 100% GUARANTEED PASS <NEWEST VERSION>

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