WGU D103 UNIT3 INTERMEDIATE ACCOUNTING
EXAM WITH 100% CORRECT AND VERIFIED ANSWERS
2026
Correct 200
100%
Incorrect 00
Your answers
, 1 of 200
Term
What is an example of an accrued expense?
Property taxes incurred during the year, to be paid in the
first quarter of the subsequent year
Office supplies purchased at the beginning of the year and
debited to
an expense account
Depreciation expense
Rent recognized during the period, to be received at the
end of the year
Give this one a try later!
Because the taxes are for the current year, but will not be paid until
the
subsequent year, it is necessary to create an accrual entry for the current
year.
The transaction approach focuses on the income-related activities
that have occurred during the period.
A single-step income statement consists of only two sections - revenues &
expenses
Debit Interest Expense 400
Credit Interest Payable 400
Nothing is done with the cash in the assets account as the $400 has not been
,paid
, Don't know?
2 of 200
Term
Common examples of ______ are interest on notes payable,
payroll taxes, and wages.
Give this one a try later!
prepaid expense Selling Expense
Accrued Expenses adjusted trial balance
Don't know?
3 of 200
Term
Adjustment of Expenses
Insurance expired during the year equaled
$2,341 Initial Entry
Debit prepaid insurance 2341
EXAM WITH 100% CORRECT AND VERIFIED ANSWERS
2026
Correct 200
100%
Incorrect 00
Your answers
, 1 of 200
Term
What is an example of an accrued expense?
Property taxes incurred during the year, to be paid in the
first quarter of the subsequent year
Office supplies purchased at the beginning of the year and
debited to
an expense account
Depreciation expense
Rent recognized during the period, to be received at the
end of the year
Give this one a try later!
Because the taxes are for the current year, but will not be paid until
the
subsequent year, it is necessary to create an accrual entry for the current
year.
The transaction approach focuses on the income-related activities
that have occurred during the period.
A single-step income statement consists of only two sections - revenues &
expenses
Debit Interest Expense 400
Credit Interest Payable 400
Nothing is done with the cash in the assets account as the $400 has not been
,paid
, Don't know?
2 of 200
Term
Common examples of ______ are interest on notes payable,
payroll taxes, and wages.
Give this one a try later!
prepaid expense Selling Expense
Accrued Expenses adjusted trial balance
Don't know?
3 of 200
Term
Adjustment of Expenses
Insurance expired during the year equaled
$2,341 Initial Entry
Debit prepaid insurance 2341
