D774 Intro to Business Accounting (WGU) EXAM WITH ANSWERS

D774 Intro to Business Accounting
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(WGU) EXAM WITH ANSWERS |\ |\ |\




What is the fundamental accounting equation - CORRECT
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ANSWERS ✔✔Assets = Liabilities + Equity |\ |\ |\ |\ |\




Which side of an account increases assets and expenses -
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CORRECT ANSWERS ✔✔Debit (Dr)
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Which side of an account increases liabilities, equity, and
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revenues - CORRECT ANSWERS ✔✔Credit (Cr)
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What is a ledger - CORRECT ANSWERS ✔✔A collection of
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all accounts in the accounting system
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Which statement shows revenues â€" expenses = net
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income - CORRECT ANSWERS ✔✔Income Statement
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Which statement is a snapshot of assets, liabilities, and
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equity at a point in time - CORRECT ANSWERS ✔✔Balance
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Sheet
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