D102 Financial Accounting WGU EXAM QUESTIONS WITH ANSWERS

D102 Financial Accounting WGU EXAM
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QUESTIONS WITH ANSWERS |\ |\




What information is contained in a balance sheet? - CORRECT
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ANSWERS ✔✔Report of a company's financial position as of a
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point in time.
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What is an owners' equity item?
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Accounts receivable |\




Loans payable |\




Capital stock |\




Cash - CORRECT ANSWERS ✔✔Capital Stock
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A company ended July with assets of $150,000 and owner's
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equity of $60,000.|\ |\




What is the amount of liabilities at the end of July? - CORRECT
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ANSWERS ✔✔$90,000 |\




What is reported in a multiple-step income statement that is not
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reported in a single-step income statement? - CORRECT
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ANSWERS ✔✔Gross Profit |\ |\




How is gross profit computed? - CORRECT ANSWERS ✔✔Sales
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minus cost of goods sold.
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, The following are some accounts from a company's financial
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statements:
(accounts receivable, cost of goods sold, cash, retained earnings,
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sales, inventory, income tax expense, accounts payable)
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Which set is a list of all of the items that are used in computing
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this company's net income? - CORRECT ANSWERS ✔✔Sales, cost
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of goods sold, and income tax expense.
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What cash flow category contains activities whereby cash is
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obtained from or repaid to owners or creditors? - CORRECT
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ANSWERS ✔✔Financing |\




Here are some financial statement items for the year for a
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company.
Cash received from customers
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Cash received from the sale of land
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Cash paid for dividends
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Cash paid to employees for wages
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Cash paid to purchase a new building
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Cash paid for rent
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Cash received as new investment from owners
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Which set of items is a list of items that are used in computing
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the company's financing cash flow for the year? - CORRECT
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ANSWERS ✔✔Cash paid for dividends and cash received as new
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investment from owners. |\ |\