5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
WGU D103 Intermediate Accounting 1 Units 2-4 (JGV1) |
Pre-assessment Questions and Answers | 2025 Update |
100% Correct.
Correct
Incorrect
109 Correct terms
Questions and answers
,5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
Account form Multiple step form
Don't know?
2 of 109
Term
What basic assumption is illustrated when a firm reports financial
results on an annual basis?
Give this one a go later!
Going concern assumption Periodicity assumption
Monetary unit assumption Economic entity assumption
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3 of 109
Term
Receipt of interest from a Note Receivable for trade activity would be
reported as a cash inflow in which section?
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,5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
Investing activities Financing activities
Stock activities Operating activities
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4 of 109
Term
What is an ingredient of the fundamental quality of relevance in
regards to accounting information?
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Predictivity Timeliness
Completeness Understandability
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, 5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
5 of 109
Term
What is an example of an accrued expense?
Give this one a go later!
Property taxes incurred during
Rent recognized during the period,
the year, to be paid in the first
to be received at the end of the year
quarter of the subsequent year
Office supplies purchased at the
beginning of the year and debited to Depreciation expense
an expense account
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6 of 109
Term
According to the accounting formula, total assets of a business are
equal to what?
Give this one a go later!
WGU D103 Intermediate Accounting 1 Units 2-4 (JGV1) |
Pre-assessment Questions and Answers | 2025 Update |
100% Correct.
Correct
Incorrect
109 Correct terms
Questions and answers
,5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
Account form Multiple step form
Don't know?
2 of 109
Term
What basic assumption is illustrated when a firm reports financial
results on an annual basis?
Give this one a go later!
Going concern assumption Periodicity assumption
Monetary unit assumption Economic entity assumption
Don't know?
3 of 109
Term
Receipt of interest from a Note Receivable for trade activity would be
reported as a cash inflow in which section?
Give this one a go later!
,5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
Investing activities Financing activities
Stock activities Operating activities
Don't know?
4 of 109
Term
What is an ingredient of the fundamental quality of relevance in
regards to accounting information?
Give this one a go later!
Predictivity Timeliness
Completeness Understandability
Don't know?
, 5/31/25, 7:47 PM WGU D103 Intermediate Accounting 1 Units 2-4
5 of 109
Term
What is an example of an accrued expense?
Give this one a go later!
Property taxes incurred during
Rent recognized during the period,
the year, to be paid in the first
to be received at the end of the year
quarter of the subsequent year
Office supplies purchased at the
beginning of the year and debited to Depreciation expense
an expense account
Don't know?
6 of 109
Term
According to the accounting formula, total assets of a business are
equal to what?
Give this one a go later!
