Exam (elaborations)
D102 Financial Accounting WGU (52 QUESTIONS AND ANSWERS).
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D102 Financial Accounting WGU (52 QUESTIONS AND ANSWERS).
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D102 FinancialAccounting WGU
(52 QUESTIONS
AND ANSWERS)
What information is contained in a balance
sheet? - answer Report of a company's
financial position as of a point in time.
What is an owners' equity item?
Accounts receivable
Loans payable
Capital stock
Cash - answer 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? - 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
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