WGU D102 PRE ASSESMENT (FINANCIAL
ACCOUNTING) | QUESTIONS AND ANSWERS |
2025/2026 UPDATE | WITH 100% CORRECT
What information is contained in a balance sheet?
Report of a company's financial position during a period of time.
Report of a company's operating performance as of a point in time.
Report of a company's financial position as of a point in time.
Report of a company's operating performance during a period of time. Answer
- Report of a company's financial position as of a point in time.
What is an owners' equity item?
Loans payable
Accounts receivable
Capital stock
Cash Answer - Capital stock
A company ended July with assets of $150,000 and owner's equity of $60,000.
What is the amount of liabilities at the end of July?
$60,000
,$90,000
$150,000
$300,000 Answer - $90,000
What is reported in a multiple-step income statement that is not reported in a
single-step income statement?
Gross profit
Dividends
Retained earnings
Cash collected from customers Answer - Gross profit
How is gross profit computed?
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses. Answer - Sales minus cost of goods sold.
The following are some accounts from a company's financial statements:
-accounts receivable
-cost of goods sold
-cash
-retained earnings
-sales
-inventory
-income tax expense
, -accounts payable
Which set is a list of all of the items that are used in computing this company's
net income?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings. Answer - Sales, cost of
goods sold, and income tax expense.
What cash flow category contains activities whereby cash is obtained from or
repaid to owners or creditors?
Financing
Investing
Equity
Revenue Answer - Financing
Here are some financial statement items for the year for a company.
-Cash received from customers
-Cash received from the sale of land
-Cash paid for dividends
-Cash paid to employees for wages
-Cash paid to purchase a new building
-Cash paid for rent
-Cash received as new investment from owners
ACCOUNTING) | QUESTIONS AND ANSWERS |
2025/2026 UPDATE | WITH 100% CORRECT
What information is contained in a balance sheet?
Report of a company's financial position during a period of time.
Report of a company's operating performance as of a point in time.
Report of a company's financial position as of a point in time.
Report of a company's operating performance during a period of time. Answer
- Report of a company's financial position as of a point in time.
What is an owners' equity item?
Loans payable
Accounts receivable
Capital stock
Cash Answer - Capital stock
A company ended July with assets of $150,000 and owner's equity of $60,000.
What is the amount of liabilities at the end of July?
$60,000
,$90,000
$150,000
$300,000 Answer - $90,000
What is reported in a multiple-step income statement that is not reported in a
single-step income statement?
Gross profit
Dividends
Retained earnings
Cash collected from customers Answer - Gross profit
How is gross profit computed?
Sales minus cost of goods sold.
Sales minus operating expenses.
Cash minus dividends.
Total revenues minus total expenses. Answer - Sales minus cost of goods sold.
The following are some accounts from a company's financial statements:
-accounts receivable
-cost of goods sold
-cash
-retained earnings
-sales
-inventory
-income tax expense
, -accounts payable
Which set is a list of all of the items that are used in computing this company's
net income?
Cash, accounts receivable, and accounts payable.
Cash, retained earnings, and accounts payable.
Sales, cost of goods sold, and income tax expense.
Inventory, accounts payable, and retained earnings. Answer - Sales, cost of
goods sold, and income tax expense.
What cash flow category contains activities whereby cash is obtained from or
repaid to owners or creditors?
Financing
Investing
Equity
Revenue Answer - Financing
Here are some financial statement items for the year for a company.
-Cash received from customers
-Cash received from the sale of land
-Cash paid for dividends
-Cash paid to employees for wages
-Cash paid to purchase a new building
-Cash paid for rent
-Cash received as new investment from owners
