WGU C214 FINANCIAL MANAGEMENT EXAM REVIEW
2026/2027 | ACTUAL EXAM QUESTIONS WITH 100%
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Accounting Principles I: Final Exam ... FICEP PART 2 EXAM, Complete Test ... FINC 306 Final Exam AC
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Terms in this set (222)
Trading on the NYSE is executed without a specialist F
(i.e. a market maker). (T/F)
Stocks and bonds are two types of financial instruments T
(T/F)
The matching principle in accrual accounting requires a
that:
a. Revenues be recognized when the earnings process
is complete and matches expenses to revenues
recognized.
b. Expenses are matched to the year in which they are
incurred
c. Revenues are matched to the year in which they are
booked
d. Revenues should be large enough to match
expenses
A basic equation for the balance sheet is: a
a. Equity = Assets - Liabilities
b. Liabilities = Equity + Assets
c. Assets = Liabilities - Equity
d. Assets = Equity - Liabilities
, Why is the Balance Sheet known as a permanent b
statement?
a. Because the statement is sent to the SEC.
b. Because the other statements are reset at the end of
the fiscal year
c. Because it is printed out and archived
d. Because it persists in the minds of the shareholders.
How do you calculate the change in Retained d
Earnings?
a. Ending Retained Earnings - Change in Cash
b. EBIT divided by Total Assets + Dividends
c. EBIT - Change in Cash - Dividends
d. Net Income - Dividends
Which of the following is generally true? c
a. Gross Profit and Operating Income are the same
b. Cost of Goods Sold + Operating Expenses = Net
Income
c. Operating Income and EBIT are the same
d. EBIT + Income Taxes = Net income
Which components are part of total assets? b
a. Cash, Accounts Receivable, Short Term Debt
b. Cash Accounts Receivable, Inventory, Long Term
Assets
c. Accounts Payable, Long Term Assets, Long Term
Debt
d. Accounts Payable, Net Income, Equity
Which components are part of current assets? d
a. Cash, Accounts Receivable, Property Plant &
Equipment
b. Accounts Receivable, Accounts Payable, Inventory
c. Long Term Debt, Property Plant & Equipment,
Common Stock
d. Inventory, Cash, Accounts Receivable, Short Term
Investments
Which components are part of Total Liabilities? c
a. Accounts Payable, Accounts Receivable, Short Term
Debt
b. Long Term Debt, Common Stock, Retained Earnings
c. Bonds, Accounts Payable, Mortgage
d. Common Stock, Long Term Debt, Short Term
Investments
When Fixed Assets increase what happens to Cash? c
a. Cash stays the same
b. Cash increases
c. Cash decreases
d. Assets decrease
2026/2027 | ACTUAL EXAM QUESTIONS WITH 100%
CORRECT ANSWERS| (100% VERIFIED BY
EXPERTS)ALREADY GRADED A+
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
Accounting Principles I: Final Exam ... FICEP PART 2 EXAM, Complete Test ... FINC 306 Final Exam AC
Teacher 25 terms Teacher 54 terms Teacher 23 terms Te
Irene_Muriithi Preview koroso163 Preview dankinyua Preview
Terms in this set (222)
Trading on the NYSE is executed without a specialist F
(i.e. a market maker). (T/F)
Stocks and bonds are two types of financial instruments T
(T/F)
The matching principle in accrual accounting requires a
that:
a. Revenues be recognized when the earnings process
is complete and matches expenses to revenues
recognized.
b. Expenses are matched to the year in which they are
incurred
c. Revenues are matched to the year in which they are
booked
d. Revenues should be large enough to match
expenses
A basic equation for the balance sheet is: a
a. Equity = Assets - Liabilities
b. Liabilities = Equity + Assets
c. Assets = Liabilities - Equity
d. Assets = Equity - Liabilities
, Why is the Balance Sheet known as a permanent b
statement?
a. Because the statement is sent to the SEC.
b. Because the other statements are reset at the end of
the fiscal year
c. Because it is printed out and archived
d. Because it persists in the minds of the shareholders.
How do you calculate the change in Retained d
Earnings?
a. Ending Retained Earnings - Change in Cash
b. EBIT divided by Total Assets + Dividends
c. EBIT - Change in Cash - Dividends
d. Net Income - Dividends
Which of the following is generally true? c
a. Gross Profit and Operating Income are the same
b. Cost of Goods Sold + Operating Expenses = Net
Income
c. Operating Income and EBIT are the same
d. EBIT + Income Taxes = Net income
Which components are part of total assets? b
a. Cash, Accounts Receivable, Short Term Debt
b. Cash Accounts Receivable, Inventory, Long Term
Assets
c. Accounts Payable, Long Term Assets, Long Term
Debt
d. Accounts Payable, Net Income, Equity
Which components are part of current assets? d
a. Cash, Accounts Receivable, Property Plant &
Equipment
b. Accounts Receivable, Accounts Payable, Inventory
c. Long Term Debt, Property Plant & Equipment,
Common Stock
d. Inventory, Cash, Accounts Receivable, Short Term
Investments
Which components are part of Total Liabilities? c
a. Accounts Payable, Accounts Receivable, Short Term
Debt
b. Long Term Debt, Common Stock, Retained Earnings
c. Bonds, Accounts Payable, Mortgage
d. Common Stock, Long Term Debt, Short Term
Investments
When Fixed Assets increase what happens to Cash? c
a. Cash stays the same
b. Cash increases
c. Cash decreases
d. Assets decrease
