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WGU D102 Financial Accounting Final OA Actual
Verified Exam Test Bank 2 Newest With Complete 200
Questions And Correct Detailed Answers|| Newest
Exam!!!
For most companies, when assets or liabilities are
classified as "current" on the balance sheet, it generally
means the related assets or liabilities will be turned into
cash or will be required to be paid, respectively, within
what time frame?
The next quarter
The next six months
The next month
The next year - Answer-The next year
What is owners' equity?
An economic resource that is owned or controlled by a
company
An obligation to pay cash, transfer other assets, or provide
services to someone else
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A residual amount representing the net assets available
after all obligations have been satisfied
The sum of operating, investing, and financing cash flows
- Answer-A residual amount representing the net assets
available after all obligations have been satisfied
Which item is an asset?
Accounts receivable
Capital stock
Retained earnings
Accounts payable - Answer-Accounts receivable
According to the accounting equation, what is the correct
computation of owners' equity?
Total Assets + Liabilities
Total Assets - Liabilities
Cash + Bank Loan Balance
Cash - Bank Loan Balance - Answer-Total Assets -
Liabilities
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What is an accurate description of accounts payable?
Obligation arising from the purchase of inventory on
account
Obligation arising from the sale of office supplies on
account
Obligation arising from the payment of income taxes on
account
Obligation arising from the sale of equipment on account -
Answer-Obligation arising from the purchase of inventory
on account
Bullzai Company's financial records include these
accounts at the end of the year:
Land
Accounts Receivable
Buildings
Inventory
Loans Payable
Accounts Payable
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Retained Earnings
Capital Stock
Cash
Which set of items composes a complete listing of
Bullzai's current assets?
Cash, retained earnings, and capital stock
Cash, buildings, and land
Cash, accounts receivable, and inventory
Cash, inventory, and capital stock - Answer-Cash,
accounts receivable, and inventory
What is bad debt expense?
Amount of uncollectible accounts created by credit sales
during the year
Amount of inventory lost, stolen, or sold during the year
Amount of gross profit divided by sales for the year
WGU D102 Financial Accounting Final OA Actual
Verified Exam Test Bank 2 Newest With Complete 200
Questions And Correct Detailed Answers|| Newest
Exam!!!
For most companies, when assets or liabilities are
classified as "current" on the balance sheet, it generally
means the related assets or liabilities will be turned into
cash or will be required to be paid, respectively, within
what time frame?
The next quarter
The next six months
The next month
The next year - Answer-The next year
What is owners' equity?
An economic resource that is owned or controlled by a
company
An obligation to pay cash, transfer other assets, or provide
services to someone else
,2|Page
A residual amount representing the net assets available
after all obligations have been satisfied
The sum of operating, investing, and financing cash flows
- Answer-A residual amount representing the net assets
available after all obligations have been satisfied
Which item is an asset?
Accounts receivable
Capital stock
Retained earnings
Accounts payable - Answer-Accounts receivable
According to the accounting equation, what is the correct
computation of owners' equity?
Total Assets + Liabilities
Total Assets - Liabilities
Cash + Bank Loan Balance
Cash - Bank Loan Balance - Answer-Total Assets -
Liabilities
,3|Page
What is an accurate description of accounts payable?
Obligation arising from the purchase of inventory on
account
Obligation arising from the sale of office supplies on
account
Obligation arising from the payment of income taxes on
account
Obligation arising from the sale of equipment on account -
Answer-Obligation arising from the purchase of inventory
on account
Bullzai Company's financial records include these
accounts at the end of the year:
Land
Accounts Receivable
Buildings
Inventory
Loans Payable
Accounts Payable
, 4|Page
Retained Earnings
Capital Stock
Cash
Which set of items composes a complete listing of
Bullzai's current assets?
Cash, retained earnings, and capital stock
Cash, buildings, and land
Cash, accounts receivable, and inventory
Cash, inventory, and capital stock - Answer-Cash,
accounts receivable, and inventory
What is bad debt expense?
Amount of uncollectible accounts created by credit sales
during the year
Amount of inventory lost, stolen, or sold during the year
Amount of gross profit divided by sales for the year
