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WGU D102 Financial Accounting Final OA Actual
Verified Exam Test Bank 1 Newest With Complete 300
Questions And Correct Detailed Answers|| Newest
Exam!!!
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
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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?
- Answer-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
What items are used in computing the company's ending
cash balance for the year? - Answer-Cash balance at the
beginning of the year, cash flow from operating activities,
cash flow from investing activities, and cash flow from
financing activities.
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How is revenue typically recorded with debits and credits?
- Answer-As a credit, representing an increase in equity.
What is the proper way to record an increase in an asset
account and an increase in an equity account? - Answer-
Asset, debit; equity, credit
How are expenses typically recorded with debits and
credits? - Answer-As a debit, representing an increase in
assets.
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
WGU D102 Financial Accounting Final OA Actual
Verified Exam Test Bank 1 Newest With Complete 300
Questions And Correct Detailed Answers|| Newest
Exam!!!
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
,2|Page
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?
- Answer-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
What items are used in computing the company's ending
cash balance for the year? - Answer-Cash balance at the
beginning of the year, cash flow from operating activities,
cash flow from investing activities, and cash flow from
financing activities.
, 3|Page
How is revenue typically recorded with debits and credits?
- Answer-As a credit, representing an increase in equity.
What is the proper way to record an increase in an asset
account and an increase in an equity account? - Answer-
Asset, debit; equity, credit
How are expenses typically recorded with debits and
credits? - Answer-As a debit, representing an increase in
assets.
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
