WGU D102 FINANCIAL ACCOUNTING EXAM WITH GUARANTEED ACCURATE ANSWERS
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Course
WGU D102 FINANCIAL ACCOUNTING
Institution
WGU D102 FINANCIAL ACCOUNTING
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 ...
WGU D102 FINANCIAL ACCOUNTING
EXAM
WGU D102 FINANCIAL ACCOUNTING EXAM WITH GUARANTEED ACCURATE
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 - ACCURATE ANSWERS✔✔ 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 - ACCURATE ANSWERS✔✔ Accounts payable
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 - ACCURATE ANSWERS✔✔ 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
Goods used by a company on a long-term basis, usually more than five
years
Goods used by company employees on a daily basis - ACCURATE
ANSWERS✔✔ Goods purchased and held for sale
What is a classified balance sheet?
A balance sheet that is not publicly disclosed
A balance sheet that distinguishes between current and long-term assets
A balance sheet that is for a period of time rather than as of a point in
time
A balance sheet that separates liabilities from equities - ACCURATE
ANSWERS✔✔ A balance sheet that distinguishes between current and
long-term assets
What does owners' equity represent?
The difference between total assets and total liabilities
The difference between current assets and long-term assets
The difference between total liabilities and total owners' equity
The difference between current liabilities and long-term liabilities -
ACCURATE ANSWERS✔✔ The difference between total assets and
total liabilities
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