WGU D102 Financial Accounting |PA|
Pre-Assessment | Actual Questions and
Answers Latest Updated
(Graded A+)
Correct
Incorrect
D102 Financial Accounting | Pre-Assessment
revenue in the general ledger.
, Assets are too low, and retained Liabilities are too low, and
earnings are too high. retained earnings are too high.
Expenses are too high, so reported Revenues are too low, and retained
net income is too low. earnings are too low.
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2 of 52
Term
How are expenses typically recorded with debits and credits?
Give this one a try later!
As a credit, representing a decrease As a debit, representing an
in equity. increase in assets.
As a debit, representing a decrease in As a credit, representing an increase
liabilities. in liabilities.
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3 of 52
Term
,What cash flow category contains activities whereby cash is obtained
from or repaid to owners or creditors?
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Investing Delivering
Operating Financing
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4 of 52
Term
The revenue recognition principle states that revenues are recorded
when two main criteria have been met. One of those criteria is that
cash has been collected or collectability is reasonably assured.
What is the other criterion?
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The earnings process is The goods have been physically
substantially complete. delivered.
, The payment has been received in
The contract has been signed.
full.
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5 of 52
Term
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.
Which debit or credit should be included in the journal entry to record
the cash collection on January 25?
Give this one a try later!
Debit accounts receivable for $1,000 Credit sales revenue for $1,000
Credit cash for $1,000 Debit cash for $1,000
Don't know?
6 of 52
Term
Pre-Assessment | Actual Questions and
Answers Latest Updated
(Graded A+)
Correct
Incorrect
D102 Financial Accounting | Pre-Assessment
revenue in the general ledger.
, Assets are too low, and retained Liabilities are too low, and
earnings are too high. retained earnings are too high.
Expenses are too high, so reported Revenues are too low, and retained
net income is too low. earnings are too low.
Don't know?
2 of 52
Term
How are expenses typically recorded with debits and credits?
Give this one a try later!
As a credit, representing a decrease As a debit, representing an
in equity. increase in assets.
As a debit, representing a decrease in As a credit, representing an increase
liabilities. in liabilities.
Don't know?
3 of 52
Term
,What cash flow category contains activities whereby cash is obtained
from or repaid to owners or creditors?
Give this one a try later!
Investing Delivering
Operating Financing
Don't know?
4 of 52
Term
The revenue recognition principle states that revenues are recorded
when two main criteria have been met. One of those criteria is that
cash has been collected or collectability is reasonably assured.
What is the other criterion?
Give this one a try later!
The earnings process is The goods have been physically
substantially complete. delivered.
, The payment has been received in
The contract has been signed.
full.
Don't know?
5 of 52
Term
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.
Which debit or credit should be included in the journal entry to record
the cash collection on January 25?
Give this one a try later!
Debit accounts receivable for $1,000 Credit sales revenue for $1,000
Credit cash for $1,000 Debit cash for $1,000
Don't know?
6 of 52
Term
