WGU C214 Boot Camp Flashcards Questions with complete
solution 2025/2026
1. What are the
Income Statement, Retained Earnings, Balance Sheet, and Statement of Cash
four
Flow
statements
required by
the Securities
Ex- change
Commis- sion
(SEC)?
2. What is Revenue? Amount generated by sale of products and services, any money a
company
generates.
3. What are Expens- Amount incurred to manufacture products , and any expenses incurred
by the
es? company.
4. What is Income? It is the ditterence between revenue and expenses.
5. What are assets? Items that are owned by the company.
6. What are Amount owed by the company to others. Examples are salaries, owe
Liabili- ties? money and accounts payable.
7. What is Equity? Amounts invested in the company by shareholders.
8. What is the recogni- tion principle?
rev- enue
recognition 10. How does the in- come statement report?
principle?
9. What is the
ex- pense
,Revenue is recognized when Expenses are recognized when they are incurred by the company. Example
products or services are when a company turns on the electricity for their buildings they are
delivered to the customer. incurring an expense.
It reports the moment that we incurr it.
, WGU C214 Boot Camp Flashcards
11. What is 15. What is an exam- ple of the role of the
includ- ed in statement of cash flow?
the in- come
statement 16. What is the Cash Flow from Op-
and not
included in
the statement
of cash flow?
12. What is
another way
to view as-
sets -
liabilities =
stockholders
eq- uity?
13. What are the
three
financial
statements
that are
prepared for a
period of
time?
14. What is the
one financial
state- ment
that is pre-
pared at a
point in time?
, Depreciation expense This is the cash a company generates from the day to day basis from
operations.
Assets = liabilities + Equity
Income Statement, Retained
Earnings Statement, and
Statement of Cash Flow
Balance Sheet
If a company has $100 at
the beginning of the year
and ends the year at $140,
the Statement of Cash Flow
will tell you how you made
that $40.
solution 2025/2026
1. What are the
Income Statement, Retained Earnings, Balance Sheet, and Statement of Cash
four
Flow
statements
required by
the Securities
Ex- change
Commis- sion
(SEC)?
2. What is Revenue? Amount generated by sale of products and services, any money a
company
generates.
3. What are Expens- Amount incurred to manufacture products , and any expenses incurred
by the
es? company.
4. What is Income? It is the ditterence between revenue and expenses.
5. What are assets? Items that are owned by the company.
6. What are Amount owed by the company to others. Examples are salaries, owe
Liabili- ties? money and accounts payable.
7. What is Equity? Amounts invested in the company by shareholders.
8. What is the recogni- tion principle?
rev- enue
recognition 10. How does the in- come statement report?
principle?
9. What is the
ex- pense
,Revenue is recognized when Expenses are recognized when they are incurred by the company. Example
products or services are when a company turns on the electricity for their buildings they are
delivered to the customer. incurring an expense.
It reports the moment that we incurr it.
, WGU C214 Boot Camp Flashcards
11. What is 15. What is an exam- ple of the role of the
includ- ed in statement of cash flow?
the in- come
statement 16. What is the Cash Flow from Op-
and not
included in
the statement
of cash flow?
12. What is
another way
to view as-
sets -
liabilities =
stockholders
eq- uity?
13. What are the
three
financial
statements
that are
prepared for a
period of
time?
14. What is the
one financial
state- ment
that is pre-
pared at a
point in time?
, Depreciation expense This is the cash a company generates from the day to day basis from
operations.
Assets = liabilities + Equity
Income Statement, Retained
Earnings Statement, and
Statement of Cash Flow
Balance Sheet
If a company has $100 at
the beginning of the year
and ends the year at $140,
the Statement of Cash Flow
will tell you how you made
that $40.
