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WGU D102 Pre-Assessment w answer choices (not all questions).
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WGU D102 Pre-Assessment w answer choices (not all questions).
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WGU D102 Pre-Assessment w/
answer choices
(not all
questions)
What information is contained in a balance
sheet?
a. Report of a company's operating
performance during a period of time
b. Report of a company's financial position
during a period of time
c. Report of a company's operating
performance as of a point in time
d. Report of a company's financial position as
of a point in time - answer D
,What is an owners' equity item?
a. Capital stock
b. Loans payable
c. Cash
d. Accounts Receivable (A/R) - answer A
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?
a. $60,000
b. $90,000
c. $150,000
d. $300,000 - answer B
What is reported in a multiple-step income
statement that is not reported in a single-
step income statement?
,a. Dividends
b. Retained earnings
c. Gross profit
d. Cash collected from customers - answer C
How is gross profit computed?
a. Cash - Dividends
b. Sales - Operating Expenses
c. Sales - COGS
d. Total Revenue - Total Expenses - answer C
The following are some accounts from a
company's financial statements:
1. Accounts Receivable (A/R)
2. COGS
3. Cash
4. Retained Earnings
5. Sales
6. Inventory
7. Income Tax Expense
, 8. Accounts Payable (A/P)
Which set is a list of all the items that are
used in computing this company's net
income?
a. 3, 4, and 8
b. 2, 5, and 7
c. 1, 3, and 8
d. 4, 6, and 8 - answer B
What cash flow category contains activities
whereby cash is obtained from or repaid to
owners or creditors?
a. Equity
b. Investing
c. Revenue
d. Financing - answer D
Here are come financial statement items for
the year for a company:
1. Cash received from customers
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