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C213 Final Accounting Exam 2023/2024 GRADED A+
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C213 Final AccountingExam 2023/2024
GRADED A+
1. Accounting: A system of providing "quantitative information, primarily finan-
cial in nature, about economic entities that is intended to be useful in making
economic decisions.
2. Accounts Payable: The flip side of accounts receivable—when one company
sells on credit, creating for itself an account receivable, the company on the other
side of the transaction is buying on credit, creating an account payable.
3. Accounts Receivable: Amounts owed to a business by its credit customers
and are usually collected in cash within 10 to 60 days.
4. Accumulated Other Comprehensive Income: The grouped together and
reported changes which companies experience increases and decreases in equity
each year because of the movement of market prices or exchange rates
5. Front
Activity-based Costing (ABC): A method of attributing overhead costs to prod-
ucts based on measurable factors that relate to activities that create overhead
costs.
6. Additional Paid-in Capital: Invested by stockholders that exceeds the par
value of the issued shares.
7. American Institute of Certified Public Accountants (AICPA): The profes-
sional organization of certified public accountants in the United States.
8. Asset: Probable future economic benefit obtained or controlled by a particular
entity as a result of past transactions or events
9. Asset Mix: The proportion of total assets in each asset category, is determined
to a large degree by the industry in which the company operates.
,10. Asset Turnover: Sales divided by assets and is interpreted as the number of
dollars in sales generated by each dollar of assets.
11. Assets: Assets are the firm's economic resources, formally defined as "proba-
ble future economic benefits obtained or controlled by a particular entity as a result
of past transactions or events
,12. Audit Committee: Members of a company's board of directors who are re-
sponsible for dealing with the external and internal auditors.
13. Average Collection Period: Shows the average number of days that elapse
between sale and cash collection.
14. Balance Sheet: A listing of an organization's assets and of its liabilities at a
certain time.
15. Batch-level Activities: Activities that take place in order to support a batch or
production run, regardless of the size of the batch.
16. Bookkeeping: The preservation of a systematic, quantitative record of an
activity
17. Break-even Point: The amount of sales at which total costs of the number of
units sold equal total revenues; the point at which there is no profit or loss.
18. Multi-Step Income Statement: What type of income statement emphasizes
the presentation of gross profit and operating income
19. Single-Step Income Statement: What type of income statement merely
groups all of the revenues and all of the expenses, and reports the overall differ-
ence as net income
20. Matching Concept:
The idea behind matching is that an expense should be recognized in the
same period in which the revenue it was used to generate is recognized.: The
concept typically used in practice to determine when an expense should be
recognized is the?
21. Direct matching, as with cost of goods sold
Systematic allocation, as with depreciation
Immediate recognition, as with advertising: In summary, the three methods
used to determine when to recognize an expense are?
22. Expensed in the period in which the related revenue is recognized.: Costs
that can be reasonably associated with specific revenues but NOT with specific
products should be?
23. Systematic and rationale recognition
Direct Matching
Immediate Recognition: What are examples of an acceptable basis for the recog-
nition of expenses?
24. An exchange transaction involving goods and services has occurred and
the earnings process is essentially complete.: The revenue principle states that
, revenue should be recognized at a point when?
25. Depreciation Expense: What is a example of an application of the principle
of systematic and rational allocation?
26. Direct labor costs incurred to produce inventory sold during a period.: An
example of direct matching of an expense with revenues would be?
27. Expanded Accounting Equation: Analysis of revenue and expense transac-
tions requires the use of what type of equation.
28. New Zealand: Thus far, the only national government to adopt the accrual
basis for its official accounting system is
29. Cash and Accounts Receivable: is increased and is decreased
when cash is collected from customers who had previously purchased a product
or service on account
30. Sales: Most forecasting exercises begin with a forecast of?
31. operating, investing, financing: Cash flows are partitioned into what three
categories?
32. Purchase and Sale of land, buildings, and equipment.: What are the prima-
ry Investing activities in the statement of Cash Flow?
33. Receipt of cash from, and the repayment of cash to owners and credi-
tors.: Financing activities in the statement of cash flow involve the receipt of ?
34. Are the activities entered in to the calculation of net income.: What are the
activities in the Operating statement of cash flow?
35. Statement of Cash Flows: Summarizes a company's cash flows for a period
of time. It provides answers to such questions as, "Where did our money come
from?" and "Where did our money go?" It also explains how a company's cash
was generated during the period and how that cash was used.
36. Reported in a narrative or in a separate schedule: Significant noncash
financing and investing transactions are reported where?
37. Operating Expenses: Those transactions and events that enter into the de-
termination of net income are reported under which section of the statement of
cash flows?
38. Cash Equivalents: What is short-term, highly liquid investments such as
Treasury bills, commercial paper, and money market funds?
39. Which of the following activities would internal auditors NOT
typicallyperform in a large company?: Detect fraud
Evaluate internal controls
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