WGU D102 Financial Accounting |OA|
Objective Assessment | Actual Questions
and Answers Latest Updated
(Graded A+)
Correct
Incorrect
D102 Financial Accounting | Objective Assessment
1 of 64
Term
A company purchased inventory for $5,000. The company paid $1,000
cash and the remainder of the purchase was made on account.
What is included in the journal entry necessary to record this inventory
purchase?
Debit to accounts payable for $4,000.
Credit to accounts payable for $4,000.
,Credit to accounts receivable for $4,000.
Debit to accounts receivable for $4,000.
Give this one a try later!
Debit to interest expense for $15,000 Debit to interest expense for $2,400.
Credit to accounts payable for
Debit to cash for $10,000
$4,000.
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2 of 64
Term
Which costs are included in work-in-process inventory?
Materials, labor, and overhead
Interest, taxes, and depreciation
Selling, general, and administrative
Advertising, sales commissions, and showroom storage
Give this one a try later!
A mortgage loan is related to a
Materials, labor, and overhead
specific asset.
, Sales minus cost of goods sold. Asset, debit; equity, credit
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3 of 64
Term
On May 1 of Year 1, a company received $24,000 cash for rent in
advance. This $24,000 rental receipt covers the period from May 1 of
Year 1 to April 30 of Year 2.
Which debit or credit is correctly included in the journal entry
necessary on May 1 to record this cash received for rent in advance?
Credit to unearned rent for $24,000.
Debit to rent revenue for $24,000.
Credit to cash for $24,000.
Debit to unearned rent for $24,000.
Give this one a try later!
Credit to federal withholding taxes
Credit to franchise for $5,000
payable for $48,000
Credit to unearned rent for
Debit to rent expense for $1,500.
$24,000.
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, 4 of 64
Term
On January 1 of Year 1, a company purchased a machine for $10,000. The
machine is expected to have a five-year useful life and a salvage value
of $2,000. The company uses double-declining balance depreciation.
What is the amount of depreciation expense on this machine for Year
2?
$1,600
$2,000
$2,400
$3,200
Give this one a try later!
$40,000 $3,200
$5,100 $2,400
Don't know?
5 of 64
Term
Objective Assessment | Actual Questions
and Answers Latest Updated
(Graded A+)
Correct
Incorrect
D102 Financial Accounting | Objective Assessment
1 of 64
Term
A company purchased inventory for $5,000. The company paid $1,000
cash and the remainder of the purchase was made on account.
What is included in the journal entry necessary to record this inventory
purchase?
Debit to accounts payable for $4,000.
Credit to accounts payable for $4,000.
,Credit to accounts receivable for $4,000.
Debit to accounts receivable for $4,000.
Give this one a try later!
Debit to interest expense for $15,000 Debit to interest expense for $2,400.
Credit to accounts payable for
Debit to cash for $10,000
$4,000.
Don't know?
2 of 64
Term
Which costs are included in work-in-process inventory?
Materials, labor, and overhead
Interest, taxes, and depreciation
Selling, general, and administrative
Advertising, sales commissions, and showroom storage
Give this one a try later!
A mortgage loan is related to a
Materials, labor, and overhead
specific asset.
, Sales minus cost of goods sold. Asset, debit; equity, credit
Don't know?
3 of 64
Term
On May 1 of Year 1, a company received $24,000 cash for rent in
advance. This $24,000 rental receipt covers the period from May 1 of
Year 1 to April 30 of Year 2.
Which debit or credit is correctly included in the journal entry
necessary on May 1 to record this cash received for rent in advance?
Credit to unearned rent for $24,000.
Debit to rent revenue for $24,000.
Credit to cash for $24,000.
Debit to unearned rent for $24,000.
Give this one a try later!
Credit to federal withholding taxes
Credit to franchise for $5,000
payable for $48,000
Credit to unearned rent for
Debit to rent expense for $1,500.
$24,000.
Don't know?
, 4 of 64
Term
On January 1 of Year 1, a company purchased a machine for $10,000. The
machine is expected to have a five-year useful life and a salvage value
of $2,000. The company uses double-declining balance depreciation.
What is the amount of depreciation expense on this machine for Year
2?
$1,600
$2,000
$2,400
$3,200
Give this one a try later!
$40,000 $3,200
$5,100 $2,400
Don't know?
5 of 64
Term
