WGU D102 FINANCIAL ACCOUNTING
EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
What information is contained in a balance sheet? - ANS 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 - ANS 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? - ANS $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement? - ANS Gross Profit
How is gross profit computed? - ANS Sales minus cost of goods sold.
1 @COPYRIGHT 2025/2026
, 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? -
ANS 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? - ANS 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
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in computing the company's financing cash
flow for the year? - ANS Cash paid for dividends and cash received as new investment from
owners.
Here are some financial statement items for a company.
Net income
Cash flow from financing activities
Cash balance at the beginning of the year
Sales Cash flow from investing activities
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
2 @COPYRIGHT 2025/2026
EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
What information is contained in a balance sheet? - ANS 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 - ANS 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? - ANS $90,000
What is reported in a multiple-step income statement that is not reported in a single-step
income statement? - ANS Gross Profit
How is gross profit computed? - ANS Sales minus cost of goods sold.
1 @COPYRIGHT 2025/2026
, 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? -
ANS 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? - ANS 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
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in computing the company's financing cash
flow for the year? - ANS Cash paid for dividends and cash received as new investment from
owners.
Here are some financial statement items for a company.
Net income
Cash flow from financing activities
Cash balance at the beginning of the year
Sales Cash flow from investing activities
Accounts receivable
Retained earnings at the beginning of the year
Cash flow from operating activities
2 @COPYRIGHT 2025/2026
