VYC1 Accounting WGU

Which financial statement will allow you to determine the gross margin for a retailer or manufacturer?

Income Statement

Which financial statement's structure is closest to that of the basic accounting equation?

Balance Sheet

Which accounting method will result in financial statements that report a more complete picture of a corporation's financial position and a better measure of profitability during a recent accounting year?

Accrual Method

Which type of journal entries are made at the end of each accounting period so that the financial statements better reflect the accrual method of accounting?

Adjusting

Which of the following will appear as a negative amount on a statement of cash flows that was prepared using the indirect method? A Decrease In Inventory An Increase In Accounts Payable An Increase In Accounts Receivable Depreciation Expense

An Increase in Accounts Receivable

The amount spent for capital expenditures will be reported in which section of the statement of cash flows? Cash Provided/used In Financing Activities Cash Provided/used In Investing Activities Cash Provided/used In Operating Activities Supplemental Information

Cash Provided/used in Investing Activities

A corporation's working capital is calculated using which amounts? Total Assets and Total Liabilities Total Assets and Current Liabilities Current Assets and Current Liabilities

Current Assets and Current Liabilities

Which of the following will appear as a positive amount on a statement of cash flows that was prepared using the indirect method? An Increase In Accounts Receivable An Increase In Inventory A Decrease In Accounts Payable Depreciation Expense

Depreciation Expense

Is it true or false that a grocery store's sale of its old delivery van to one of its employees for $2,000 should be recorded in the general ledger account Sales?

False

Is it true or false that the total amount of stockholders' equity reported on the balance sheet is intended to show the fair market value of the corporation?

False

The generally accepted accounting principles used in the financial statements of U.S corporations are researched and developed by which organization?

Financially Accounting Standards Board (FASB)

Which is the annual report to the SEC that contains the financial statements of a publicly-traded corporation? Form 1040 Form 10-K Form 10-Q Schedule C

Form 10-K

Comprehensive income is defined as _______________ plus other comprehensive income.

Net Income

Ten years ago, a corporation started a new brand name that is now considered to be its most valuable asset. On which financial statement and at what amount will you see the brand name reported? Balance Sheet At Its Present Value Statement Of Comprehensive Income With No Value Not Reported On A Financial Statement

Not Reported on a Financial Statement

Important disclosures regarding likely losses that could not be estimated are found where? General Ledger Accounts Income Statement Notes To The Financial Statements

Notes to the Financial Statements

Does the heading of a balance sheet indicate a period of time or a point in time?

Point in time

A corporation's net income will cause a change in which component of stockholders' equity?

Retained Earnings

What is usually presented first in the notes to the financial statements? Accumulated Other Comprehensive Income Commitments And Contingencies Significant Accounting Policies

Significant Accounting Policies

Which financial statement reports the adjustments for changes in the market value of available-for-sale investment securities and adjustments for foreign currency translation?

Statement of Comprehensive Income

The changes that occurred during a recent year in the accounts Retained Earnings and Treasury Stock will be found in which financial statement? Balance Sheet Income Statement Statement Of Cash Flows Statement Of Comprehensive Income Statement Of Stockholders' Equity

Statement of Stockholders' Equity