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wgu d102 pre assessment Exam Questions and Answers
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wgu d102 pre assessment ExamQuestions and Answers
What information is contained in a balance sheet?
Report of a company's financial position during a period of time.
Report of a company's operating performance as of a point in time.
Report of a company's financial position as of a point in time.
Report of a company's operating performance during a period of time. - -
Report of a company's financial position as of a point in time.
-What is an owners' equity item?
Loans payable
Accounts receivable
Capital stock
Cash - -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?
$60,000
$90,000
$150,000
$300,000 - -$90,000
-What is reported in a multiple-step income statement that is not reported in
a single-step income statement?
Gross profit
Dividends
Retained earnings
Cash collected from customers - -Gross profit
-How is gross profit computed?
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses. - -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?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings. - -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?
Financing
Investing
Equity
Revenue - -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?
Cash received from customers and cash paid for rent.
Cash paid to purchase a new building and cash received from the sale of
land.
Cash paid for dividends and cash received as new investment from owners.
Cash received from customers, and cash paid to employees for wages. - -
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?
Cash balance at the beginning of the year, net income, cash flow from
investing activities, and retained earnings at the beginning of the year.
Retained earnings at the beginning of the year, cash flow from operating
activities, accounts receivable, cash flow from investing activities, and cash
flow from financing activities.
Net income, sales, cash flow from operating activities, cash flow from
investing activities, and cash flow from financing activities.
Cash balance at the beginning of the year, cash flow from operating
activities, cash flow - -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?
As a credit, representing a reduction in assets.
As a credit, representing an increase in equity.
As a debit, representing an increase in assets.
As a debit, representing a reduction in equity. - -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?
Asset, credit; equity, debit
Asset, credit; equity, credit
Asset, debit; equity, debit
Asset, debit; equity, credit - -Asset, debit; equity, credit
-A company was started last year when the shareholders invested $70,000
cash into it. At that time, the company also borrowed $100,000 cash from a
local bank. The company used $140,000 cash to purchase inventory for
$140,000. This year the company sold all of the inventory for $95,000 cash
(and that is not a typographical error; the amount received for all of the
inventory was only $95,000 cash).
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