The Balance Sheet WGU C213: Topic 3
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Which of the following would be classified as a current asset? - CORRECT
ANSWER Accounts receivable
Distributions by a corporation to its stockholders are called - CORRECT
ANSWER Dividends
Which of the following decreases owners' equity? - CORRECT ANSWER Operations
generate a loss
Owners of a corporation are referred to as - CORRECT ANSWER Stockholders
An enterprise's obligations to pay cash or other economic resources to others are called -
CORRECT ANSWER Liabilities
The total amount invested to acquire an ownership interest in a corporation is called -
CORRECT ANSWER Common Stock and
Preferred Stock
Which of the following is generally considered to be a liability? - CORRECT
ANSWER Notes payable
Which of the following is generally considered to be an asset?
Accounts receivable
Unearned revenue - CORRECT ANSWER Accounts receivable
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Which of the following would be classified as a current asset? - CORRECT
ANSWER Accounts receivable
Distributions by a corporation to its stockholders are called - CORRECT
ANSWER Dividends
Which of the following decreases owners' equity? - CORRECT ANSWER Operations
generate a loss
Owners of a corporation are referred to as - CORRECT ANSWER Stockholders
An enterprise's obligations to pay cash or other economic resources to others are called -
CORRECT ANSWER Liabilities
The total amount invested to acquire an ownership interest in a corporation is called -
CORRECT ANSWER Common Stock and
Preferred Stock
Which of the following is generally considered to be a liability? - CORRECT
ANSWER Notes payable
Which of the following is generally considered to be an asset?
Accounts receivable
Unearned revenue - CORRECT ANSWER Accounts receivable
