1/18/25, 6:27 AM Financial Accounting - D102 WGU
WGU D102 Financial Accounting|PA and OA|Explore New 165 Actual Questions and Answers|100% Correct|2025 Update
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WGU D102
165 correct terms
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1/18/25, 6:27 AM Financial Accounting - D102 WGU
Chart Of Accounts T-account
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Definition
Internal control activities that are designed to detect the occurrence of errors and fraud
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Detective Controls Research
Organizational Structure Independent Checks
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Term
On January 1, a company had these assets, liabilities, and equities:
Cash$100 Inventory$140Accounts payable$70 Paid-in capital$150 Retained earnings$20 2 / 4
1/18/25, 6:27 AM Financial Accounting - D102 WGU
During the year, the company entered into these transactions:
Selling inventory costing $140 for a total of $200; cash of $30 was received, and the remaining $170 was put on account.Paying cash for rent of $45.Paying cash dividends of $30. What is this company's total equity at the end of the year?
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Debits; they represent decreases in equity
- Credit to interest revenue for $750.
- Debit to interest revenue for $2,250.
- Credit to interest revenue for $2,250.
- Debit to interest revenue for $750.
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Lines of authority and responsibility
1. 130
2. $150
3. $155
4. $210
Correct: 3
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1/18/25, 6:27 AM Financial Accounting - D102 WGU
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Definition
Entries that reduce all nominal (temporary) accounts to a zero balance at the end of each accounting period, transferring their preclosing balances to a permanent balance sheet account
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Expenses Adjusting Entries
Closing Entries Posting
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Definition
A current asset representing money due for services performed or merchandise sold on credit
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Cash Accounts Receivable
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