WGU D102 Pre-Assessment Exam |
Complete solutions
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? - 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? - ANSWER -$90,000
What is reported in a multiple-step income statement that is not reported in a single-step income
statement? - ANSWER -Gross profit
How is gross profit computed? - 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? -
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
-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
Complete solutions
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? - 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? - ANSWER -$90,000
What is reported in a multiple-step income statement that is not reported in a single-step income
statement? - ANSWER -Gross profit
How is gross profit computed? - 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? -
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
-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
