D102 Financial Accounting
Exam Coverage
Exam coverage for the Western Governors University D102 Financial
Accounting includes the foundational principles and core concepts of
financial accounting used in business decision-making. It focuses on
the accounting cycle, including recording transactions, journal entries,
posting to ledgers, preparing trial balances, and creating key financial
statements such as the income statement, balance sheet, and
statement of cash flows. The exam evaluates understanding of assets,
liabilities, equity, revenues, and expenses, as well as accrual versus
cash accounting, adjusting entries, and financial statement analysis.
Emphasis is placed on interpreting financial information, applying
,accounting standards, analyzing business transactions, and using
financial data to support informed organizational decisions.
Which item is a liability?
A. Capital stock
B. Accounts receivable
C. Retained earnings
D. Accounts payable
D. Accounts payable
,What is a balance sheet?
A. Report of the total of the balances of all of a company's bank
accounts
B. Report of the revenues and expenses of a company during a period
C. Report of the operating, investing, and financing cash flows of a
company during a period
D. Report of the assets, liabilities, and equity of a company as of a
point in time
D. Report of the assets, liabilities, and equity of a company as of a
point in time
, Which item is an owners' equity item?
A. Retained earnings
B. Accounts receivable
C. Accounts payable
D. Inventory
A. Retained earnings
Exam Coverage
Exam coverage for the Western Governors University D102 Financial
Accounting includes the foundational principles and core concepts of
financial accounting used in business decision-making. It focuses on
the accounting cycle, including recording transactions, journal entries,
posting to ledgers, preparing trial balances, and creating key financial
statements such as the income statement, balance sheet, and
statement of cash flows. The exam evaluates understanding of assets,
liabilities, equity, revenues, and expenses, as well as accrual versus
cash accounting, adjusting entries, and financial statement analysis.
Emphasis is placed on interpreting financial information, applying
,accounting standards, analyzing business transactions, and using
financial data to support informed organizational decisions.
Which item is a liability?
A. Capital stock
B. Accounts receivable
C. Retained earnings
D. Accounts payable
D. Accounts payable
,What is a balance sheet?
A. Report of the total of the balances of all of a company's bank
accounts
B. Report of the revenues and expenses of a company during a period
C. Report of the operating, investing, and financing cash flows of a
company during a period
D. Report of the assets, liabilities, and equity of a company as of a
point in time
D. Report of the assets, liabilities, and equity of a company as of a
point in time
, Which item is an owners' equity item?
A. Retained earnings
B. Accounts receivable
C. Accounts payable
D. Inventory
A. Retained earnings
