D102 Financial Accounting WGU Exam || Most
Recent Exam 2026-2027 Actual Complete Real
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A company rents a building that it uses in its operations. The
accountant for the company mistakenly input a $1,000 rental
payment on the building as $10,000 in the accounting records.
What is the impact of this error on the financial statements? -
ANSWER Expenses are too high, so reported net income is too
low.
The accountant for a company mistakenly posted an expense
amount as an asset in the general ledger.
What is the financial statement impact of this error? - ANSWER
-Assets are too high, and retained earnings are too high.
The accountant for a company mistakenly posted a liability
amount as a revenue in the general ledger.
What is the financial statement impact of this error? - ANSWER
-Liabilities are too low, and retained earnings are too high.
Proper segregation of duties requires that one person not
perform three specific
separate functions with respect to a single transaction. Two of
those functions
, are authorization and record
keeping.
What is the third function that should be performed by af
different person i
proper segregation of duties is to be maintained? -
ANSWER -Custody of
assets
Why are daily cash deposits important? - ANSWER -
They prevent the
accumulation of a large amount
of cash.
On July 10, goods were sold for $10,000. Cash of $4,000 was
received, and the $6,000 remainder was on account. The
customer returned the goods before paying any of the
remaining $6,000 on account.
Which debit or credit should be included in the journal entry on
the seller's books to record the return of the goods? - ANSWER
-Credit accounts receivable for $6,000
What is the direct write-off method with respect to bad debts? -
ANSWER Recognizing bad debt expense after confirming that a
specific customer is not going to pay.
On January 6, a credit sale was made for $1,000. Terms for the
sale were 4/10,
n/30. Cash for the sale was collected on
January 25.
Recent Exam 2026-2027 Actual Complete Real
Exam Questions And Correct Answers (Verified
Answers) Already Graded A+ | Guaranteed
Success!! Newest Exam | Just Released!!
A company rents a building that it uses in its operations. The
accountant for the company mistakenly input a $1,000 rental
payment on the building as $10,000 in the accounting records.
What is the impact of this error on the financial statements? -
ANSWER Expenses are too high, so reported net income is too
low.
The accountant for a company mistakenly posted an expense
amount as an asset in the general ledger.
What is the financial statement impact of this error? - ANSWER
-Assets are too high, and retained earnings are too high.
The accountant for a company mistakenly posted a liability
amount as a revenue in the general ledger.
What is the financial statement impact of this error? - ANSWER
-Liabilities are too low, and retained earnings are too high.
Proper segregation of duties requires that one person not
perform three specific
separate functions with respect to a single transaction. Two of
those functions
, are authorization and record
keeping.
What is the third function that should be performed by af
different person i
proper segregation of duties is to be maintained? -
ANSWER -Custody of
assets
Why are daily cash deposits important? - ANSWER -
They prevent the
accumulation of a large amount
of cash.
On July 10, goods were sold for $10,000. Cash of $4,000 was
received, and the $6,000 remainder was on account. The
customer returned the goods before paying any of the
remaining $6,000 on account.
Which debit or credit should be included in the journal entry on
the seller's books to record the return of the goods? - ANSWER
-Credit accounts receivable for $6,000
What is the direct write-off method with respect to bad debts? -
ANSWER Recognizing bad debt expense after confirming that a
specific customer is not going to pay.
On January 6, a credit sale was made for $1,000. Terms for the
sale were 4/10,
n/30. Cash for the sale was collected on
January 25.
