3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
WGU C214 (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE
CHOICES) |100% CORRECT!!
Save
Terms in this set (222)
Trading on the NYSE is F
executed without a
specialist (i.e. a market
maker). (T/F)
Stocks and bonds are T
two types of financial
instruments (T/F)
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,3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
The matching principle in a
accrual accounting
requires 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 a
balance sheet is:
a. Equity = Assets -
Liabilities
b. Liabilities = Equity +
Assets
c. Assets = Liabilities -
Equity
d. Assets = Equity -
Liabilities
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,3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
Why is the Balance Sheet b
known as a permanent
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 d
the change in Retained
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 c
generally true?
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
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, 3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
Which components are b
part of total assets?
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 d
part of current assets?
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
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WGU C214 (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE
CHOICES) |100% CORRECT!!
Save
Terms in this set (222)
Trading on the NYSE is F
executed without a
specialist (i.e. a market
maker). (T/F)
Stocks and bonds are T
two types of financial
instruments (T/F)
https://quizlet.com/1018761763/wgu-c214-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choices-100-correct-flash-car… 1/88
,3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
The matching principle in a
accrual accounting
requires 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 a
balance sheet is:
a. Equity = Assets -
Liabilities
b. Liabilities = Equity +
Assets
c. Assets = Liabilities -
Equity
d. Assets = Equity -
Liabilities
https://quizlet.com/1018761763/wgu-c214-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choices-100-correct-flash-car… 2/88
,3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
Why is the Balance Sheet b
known as a permanent
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 d
the change in Retained
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 c
generally true?
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
https://quizlet.com/1018761763/wgu-c214-2025-comprehensive-questions-and-verified-detailed-solutions-multiple-choices-100-correct-flash-car… 3/88
, 3/16/25, 1:36 PM WGU C214 (2025) comprehensive questions and verified detailed solutions ( MULTIPLE CHOICES) |100% CORRECT!! Flash…
Which components are b
part of total assets?
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 d
part of current assets?
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
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