WGU D102 Pre-Assessment questions with verified answers

WGU D102 Pre-Assessment questions with ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




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What information is contained in a balance sheet? - correct answer✔✔Report of a
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company's financial position as of a point in time. ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




What is an owners' equity item? - correct answer✔✔Capital stock
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A company ended July with assets of $150,000 and owner's equity of $60,000.
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What is the amount of liabilities at the end of July? - correct answer✔✔$90,000
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What is reported in a multiple-step income statement that is not reported in a single-step
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income statement? - correct answer✔✔Gross profit ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




How is gross profit computed? - correct answer✔✔Sales minus cost of goods sold.
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The following are some accounts from a company's financial statements:
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-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
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income? - correct answer✔✔Sales, cost of goods sold, and income tax expense.
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What cash flow category contains activities whereby cash is obtained from or repaid to
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owners or creditors? - correct answer✔✔Financing ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




Here are some financial statement items for the year for a company.
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-Cash received from customers ||\\|//|| ||\\|//|| ||\\|//||




-Cash received from the sale of land
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-Cash paid for dividends ||\\|//|| ||\\|//|| ||\\|//||




-Cash paid to employees for wages ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




-Cash paid to purchase a new building
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-Cash paid for rent ||\\|//|| ||\\|//|| ||\\|//||




-Cash received as new investment from owners
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Which set of items is a list of items that are used in computing the company's financing
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cash flow for the year? - correct answer✔✔Cash paid for dividends and cash received as
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new investment from owners.
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Here are some financial statement items for a company.
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-Net income
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-Cash flow from financing activities
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-Cash balance at the beginning of the year
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-Sales Cash flow from investing activities
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-Accounts receivable ||\\|//||




-Retained earnings at the beginning of the year ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//|| ||\\|//||




-Cash flow from operating activities
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