WGU D102 FINANCIAL ACCOUNTING
FINAL PRE ASSESSMENT PAPER 2026
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
⩥ 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?
$60,000. 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
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.
⩥ 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
FINAL PRE ASSESSMENT PAPER 2026
COMPLETE QUESTIONS AND ANSWERS
GRADED A+
⩥ 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?
$60,000. 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
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.
⩥ 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
