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UPDATED MBA ETS MAJOR FIELD TEST 2024 |210 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED $15.49
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UPDATED MBA ETS MAJOR FIELD TEST 2024 |210 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED
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Balance Sheet - CORRECT ANSWER a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time; Assets = Liabilities + Shareholder's Equity Income Statement - CORRECT ANSWER AKA profit and loss statement; primarily focuses on the company...

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  • May 1, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
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MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
Balance Sheet - CORRECT ANSWER a financial statement that reports a company's

assets, liabilities, and shareholder equity at a specific point in time; Assets = Liabilities +

Shareholder's Equity

Income Statement - CORRECT ANSWER AKA profit and loss statement; primarily

focuses on the company's revenues and expenses during a particular period;

Net Income = (Total Revenue + Gains) - (Total Expenses + Losses)

Statement of Retained Earnings - CORRECT ANSWER AKA Statement of Equity;

outlines the changes in retained earnings for a company over a specified period;

Retained Earnings - CORRECT ANSWER profits held by a company in reserve in

order to invest in future projects rather than distribute as dividends to shareholders

Statement of Cash Flows - CORRECT ANSWER summarizes the amount of cash and

cash equivalents entering and leaving a company; includes operating, investing, and

financing activities

cash flow - CORRECT ANSWER $$$ that goes in/out of a business

profit - CORRECT ANSWER $$$ leftover after Revenues - Expenses

cash from operating activities - CORRECT ANSWER receipts from sales of

goods/services, interest payments, income tax payments, salaries/wages, rent

ALSO depreciation, inventory, accts receivable, payable

, MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
cash from investing activities - CORRECT ANSWER changes in equipment, assets,

or investments

cash from financing activities - CORRECT ANSWER cash from investors/banks,

dividends, repayment of debt,

Direct Cash Flow Method - CORRECT ANSWER determines changes in cash

receipts and payments, which are reported in the cash flow from the operations section.

Indirect Cash Flow Method - CORRECT ANSWER takes the net income generated

in a period and adds or subtracts changes in the asset and liability accounts to determine

the implied cash flow

liquidity - CORRECT ANSWER the ease with which an asset, or security, can be

converted into ready cash without affecting its market price; cash is the most liquid of

assets

Accrual Basis Accounting - CORRECT ANSWER revenue or expenses are recorded

when a transaction occurs; follows the matching principle, which says that revenues and

expenses should be recognized in the same period

Cash Accounting - CORRECT ANSWER recognizes transactions only when

payment is exchanged.

capital stock - CORRECT ANSWER amount of common and preferred shares that a

company is authorized to issue, recorded on the balance sheet under shareholders' equity;

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