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(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide $14.49   Add to cart
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(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide

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(WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide (WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide (WGU D102) ACCT 2313 - Financial Accounting - Final Assessment Guide

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  • September 2, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Unknown

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  • wgu d102 acct 2313 financial accounting fina

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D102 ACCT 2313



Financial Accounting




FINAL ASSESSMENT GUIDE




© WGU 2024/2025

,1. When preparing consolidated financial statements, which of
the following adjustments would you typically make?
a. Eliminate intercompany sales transactions.
b. Recognize unrealized intercompany profits.
c. Treat non-controlling interest as an expense.
d. Convert all sub-ledger accounts to fair value.
Answer: a. Eliminate intercompany sales transactions.
Rationale: Intercompany sales create transactions within the
group that should not appear in consolidated statements, ensuring
only external transactions are shown.


2. Which financial reporting framework requires the preparation
of a Statement of Changes in Equity?
a. IFRS
b. GAAP
c. Both IFRS and GAAP
d. Neither
Answer: c. Both IFRS and GAAP.
Rationale: Both IFRS and GAAP require a comprehensive
report on changes in equity during the period.
© WGU 2024/2025

, 3. In the context of accounting for leases under IFRS 16, which of
the following is NOT classified as a right-of-use asset?
a. Vehicle leases
b. Building leases
c. Land use leases
d. Short-term equipment rentals
Answer: d. Short-term equipment rentals.
Rationale: Short-term rentals are typically excluded from the
right-of-use asset definition.


4. According to IFRS 3, for a business combination, the acquirer
should recognize identifiable assets acquired and liabilities assumed
at:
a. Carrying amount
b. Fair value
c. Historical cost
d. Amortized cost
Answer: b. Fair value.
Rationale: IFRS 3 requires assets and liabilities in a business
combination to be recognized at their fair values at the acquisition
date.

© WGU 2024/2025

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