WGU D102 Financial Accounting Objective Assessment Guide & Practice Exam

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WGU D102 FINANCIAL ACCOUNTING OBJECTIVE

ASSESSMENT ACTUAL EXAM 2025/2026 COMPLETE

QUESTIONS WITH VERIFIED CORRECT ANSWERS ||

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What is a balance sheet?


Report of the total of the balances of all of a company's bank

accounts


Report of the assets, liabilities, and equity of a company as of a

point in time


Report of the revenues and expenses of a company during a

period

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Report of the operating, investing, and financing cash flows of a

company during a period .......Answer.........Report of the assets,

liabilities, and equity of a company as of a point in time


Which item is a liability?


Accounts payable


Retained earnings


Accounts receivable


Capital stock .......Answer.........Accounts payable


Which item is an owners' equity item?


Accounts payable


Accounts receivable


Retained earnings

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Inventory .......Answer.........Retained earnings


Strime Company's assets equal $104,000, and its stockholders'

equity totals $68,500.


What is the amount of its liabilities?


$35,500


$172,500


$68,500


$104,000 .......Answer.........$35,500


The Whole Pine Company's liabilities equal $124,000, and its

stockholders' equity totals $68,500. What is the amount of its

assets?

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$55,500


$124,000


$68,500


$192,500 .......Answer.........$192,500


Which is the proper description of the accounting equation?




Owners' Equity = Assets


Assets = Liabilities + Owners' Equity


Assets = Liabilities


Owners' Equity = Liabilities .......Answer.........Assets = Liabilities +

Owners' Equity