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BEC GRADE A+ EXAM 1 QUESTIONS & ANSWERS 2024/2025
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BEC GRADE A+ EXAM 1 QUESTIONS & ANSWERS 2024/2025
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BEC GRADE A+ EXAM 1 QUESTIONS &ANSWERS 2024/2025
Officers signing the representations that accompany quarterly and annual financial statements
acknowledge that - ANSWERSinternal control is their responsibility as part of the representation in
compliance with the Sarbanes-Oxley Act of 2002
A company's average collection period is used to evaluate - ANSWERSthe liquidity of the firm through
the calculation of the cash conversion cycle
_ represent a third party guarantee of obligations incurred by a company. they may be used by the
company issuing debt (debt that would otherwise be unsecured) to ensure payment to creditors -
ANSWERSLetters of credit
A _ can be most anything but, if effective, will always represent the most relevant components of a
particular business' decision-making requirements. examples? - ANSWERScost objective. valuation of
unexpired costs. determination of net income. efficiency measurement
Under the process cost accounting method, all costs are summed, and the average cost per unit is
determined by - ANSWERSdividing total costs by total units
A _ represents an individual and cumulative graphical analysis of errors by type. Individual error types
are represented on a histogram (bar graph), while the cumulative number of errors is presented on a line
graph. also is used to prioritize process improvement efforts. - ANSWERSPareto diagram
Only a shift _ in the aggregate demand curve would lead to both a decline in real GDP and a decline in
the aggregate price level - ANSWERSleft
Cost-push inflation is caused by a - ANSWERSshift left in aggregate supply. Of the answers provided, only
a sharp rise in nominal wages would result in a shift left in aggregate supply
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