WGU D102 Financial Accounting Exam Study
Questions and Answers Graded A+ 2026
What information is contained in a balance sheet? -Correct 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 -Correct 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? -Correct Answer ✔-$90,000
What is reported in a multiple-step income statement that is not reported in a
single-step income statement? -Correct Answer ✔-Gross Profit
How is gross profit computed? -Correct 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? -Correct 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? -Correct 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
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? -Correct 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
Questions and Answers Graded A+ 2026
What information is contained in a balance sheet? -Correct 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 -Correct 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? -Correct Answer ✔-$90,000
What is reported in a multiple-step income statement that is not reported in a
single-step income statement? -Correct Answer ✔-Gross Profit
How is gross profit computed? -Correct 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? -Correct 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? -Correct 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
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? -Correct 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
