D102 Financial Accounting WGU
2024/2025 Exam Questions Marking
Scheme New Update | A+ Rated
What information is contained in a balance sheet? - 🧠 ANSWER ✔✔Report
of a company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - 🧠 ANSWER ✔✔Capital Stock
A company ended July with assets of $150,000 and owner's equity of
$60,000.
What is the amount of liabilities at the end of July? - 🧠 ANSWER
✔✔$90,000
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
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PRIVACY STATEMENT. ALL RIGHTS RESERVED
, What is reported in a multiple-step income statement that is not reported in
a single-step income statement? - 🧠 ANSWER ✔✔Gross Profit
How is gross profit computed? - 🧠 ANSWER ✔✔Sales minus cost of goods
sold.
The following are some accounts from a company's financial statements:
(accounts receivable, cost of goods sold, cash, retained earnings, sales,
inventory, income tax expense, accounts payable)
Which set is a list of all of the items that are used in computing this
company's net income? - 🧠 ANSWER ✔✔Sales, cost of goods sold, and
income tax expense.
What cash flow category contains activities whereby cash is obtained from
or repaid to owners or creditors? - 🧠 ANSWER ✔✔Financing
Here are some financial statement items for the year for a company.
Cash received from customers
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2024/2025 Exam Questions Marking
Scheme New Update | A+ Rated
What information is contained in a balance sheet? - 🧠 ANSWER ✔✔Report
of a company's financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - 🧠 ANSWER ✔✔Capital Stock
A company ended July with assets of $150,000 and owner's equity of
$60,000.
What is the amount of liabilities at the end of July? - 🧠 ANSWER
✔✔$90,000
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, What is reported in a multiple-step income statement that is not reported in
a single-step income statement? - 🧠 ANSWER ✔✔Gross Profit
How is gross profit computed? - 🧠 ANSWER ✔✔Sales minus cost of goods
sold.
The following are some accounts from a company's financial statements:
(accounts receivable, cost of goods sold, cash, retained earnings, sales,
inventory, income tax expense, accounts payable)
Which set is a list of all of the items that are used in computing this
company's net income? - 🧠 ANSWER ✔✔Sales, cost of goods sold, and
income tax expense.
What cash flow category contains activities whereby cash is obtained from
or repaid to owners or creditors? - 🧠 ANSWER ✔✔Financing
Here are some financial statement items for the year for a company.
Cash received from customers
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
