1|Page
WGU D102 FINANCIAL ACCOUNTING FINAL OA EXAM TEST BANK 2
LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
In what setting might a company use special journals as well as a
general journal?
Companies with very few cash transactions
Companies with very few purchase transactions
A large company with many transactions
A small company with few transactions - ANSWER-A large
company with many transactions
When does an accountant perform transaction analysis?
When preparing the balance sheet
When preparing the income statement
When posting the accounts
When recording items in the journal - ANSWER-When recording
items in the journal
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What three steps are needed to make a journal entry? -
ANSWER-Identify which accounts are involved.
For each account, determine if it is increased or decreased.
For each account, determine by how much it has changed.
What is one step in the process of preparing a journal entry?
For each account, determine the associated cash flow.
For each account, determine if it has increased or decreased.
For each account, determine the balance from the prior year.
For each account, determine whether the account is consolidated
or not. - ANSWER-For each account, determine if it has increased
or decreased.
In the context of accounting, what is the meaning of the word
"journalizing"?
Copying transaction data from a ledger to a journal
Copying transaction data from a journal to a ledger
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Recording a transaction in a journal entry
Transmitting summarized data to the accountants preparing the
financial statements - ANSWER-Recording a transaction in a
journal entry
How are the items arranged in a journal entry?
Credit first, debit second
Debit first, credit second
Debits and credits aligned in the same column
Debit indented to the right - ANSWER-Debit first, credit second
In making a journal entry, why is it important to know whether an
account increased or decreased?
To determine whether the transaction impacts the income
statement
To determine whether the transaction will be posted to the ledger
To determine whether the transaction impacts the balance sheet
, 4|Page
To determine whether the account should be debited or credited -
ANSWER-To determine whether the account should be debited or
credited
Strime Company collected cash of $1,300 on account for credit
sales previously recorded. Which entry is included in the journal
entry necessary to record this cash collection on account?
Credit to accounts payable for $1,300
Debit to accounts payable for $1,300
Debits to accounts receivable for $1,300
Credit to accounts receivable for $1,300 - ANSWER-Credit to
accounts receivable for $1,300
Dellberg Company paid $850 cash for its electricity bill for last
month. To this point, nothing had been recorded in the books with
respect to this electricity bill. Which entry is included in the journal
entry necessary to record this cash payment?
Debit to accounts payable for $850
WGU D102 FINANCIAL ACCOUNTING FINAL OA EXAM TEST BANK 2
LATEST 2026-2027 ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
In what setting might a company use special journals as well as a
general journal?
Companies with very few cash transactions
Companies with very few purchase transactions
A large company with many transactions
A small company with few transactions - ANSWER-A large
company with many transactions
When does an accountant perform transaction analysis?
When preparing the balance sheet
When preparing the income statement
When posting the accounts
When recording items in the journal - ANSWER-When recording
items in the journal
,2|Page
What three steps are needed to make a journal entry? -
ANSWER-Identify which accounts are involved.
For each account, determine if it is increased or decreased.
For each account, determine by how much it has changed.
What is one step in the process of preparing a journal entry?
For each account, determine the associated cash flow.
For each account, determine if it has increased or decreased.
For each account, determine the balance from the prior year.
For each account, determine whether the account is consolidated
or not. - ANSWER-For each account, determine if it has increased
or decreased.
In the context of accounting, what is the meaning of the word
"journalizing"?
Copying transaction data from a ledger to a journal
Copying transaction data from a journal to a ledger
,3|Page
Recording a transaction in a journal entry
Transmitting summarized data to the accountants preparing the
financial statements - ANSWER-Recording a transaction in a
journal entry
How are the items arranged in a journal entry?
Credit first, debit second
Debit first, credit second
Debits and credits aligned in the same column
Debit indented to the right - ANSWER-Debit first, credit second
In making a journal entry, why is it important to know whether an
account increased or decreased?
To determine whether the transaction impacts the income
statement
To determine whether the transaction will be posted to the ledger
To determine whether the transaction impacts the balance sheet
, 4|Page
To determine whether the account should be debited or credited -
ANSWER-To determine whether the account should be debited or
credited
Strime Company collected cash of $1,300 on account for credit
sales previously recorded. Which entry is included in the journal
entry necessary to record this cash collection on account?
Credit to accounts payable for $1,300
Debit to accounts payable for $1,300
Debits to accounts receivable for $1,300
Credit to accounts receivable for $1,300 - ANSWER-Credit to
accounts receivable for $1,300
Dellberg Company paid $850 cash for its electricity bill for last
month. To this point, nothing had been recorded in the books with
respect to this electricity bill. Which entry is included in the journal
entry necessary to record this cash payment?
Debit to accounts payable for $850
