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WGU D102 Financial Accounting (MUST STUDY) QUIZZES(333 questions and answers).
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WGU D102 Financial Accounting (MUST STUDY) QUIZZES(333 questions and answers).
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WGU D102Financial
Accounting
(MUST STUDY)
QUIZZES(333
questions and
answers)
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
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
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?
$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
After the effects of every transaction are
considered and recorded, what must the
accounting equation do?
Equal itself, or balance
Equal total owners' equity
Equal total liabilities
Equal total assets - answer Equal itself, or
balance
Which statement best describes the main
features of inventories?
Goods due from customers who have
purchased on account
Goods purchased and held for sale
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