Exam (elaborations)
BBA Exit Exam UNF Complete Questions And Answers
- Course
- Institution
BBA Exit Exam UNF Complete Questions And Answers
[Show more]
Content preview
BBA Exit Exam UNF CompleteQuestions And Answers
Balance Sheet CORRECT ANSWERS Describes financial condition of firm AT A POINT
IN TIME
Equity CORRECT ANSWERS AKA Net assets | = Assets - Liabilities
Income Statement CORRECT ANSWERS Describes operations OVER A PERIOD OF
TIME | Revenues, Expenses, Income, Gains, Losses
Statement of Equity CORRECT ANSWERS bridge between income statement and
balance sheet | Arrangement depends on type of organization
Partnership Statement of equity CORRECT ANSWERS Statement of partners equity
Corporation Statement of equity CORRECT ANSWERS Statement of stockholders
equity
Statement of Cash Flows CORRECT ANSWERS Provides info of company's cash
receipts and payments
Cash Basis Accounting CORRECT ANSWERS Recorded in accounting period that
payment is received or given.
Accrual Basis CORRECT ANSWERS Recorded in accounting period which payment is
earned.
Straight Line Depreciation CORRECT ANSWERS Equal amounts of depr. recorded in
each period.
Double Declining Balance CORRECT ANSWERS More Depr. is recorded in early
periods.
Basic Inventory Equation CORRECT ANSWERS Beg Inv + Purchases = Goods
Available for Sale - Ending Inv = COGS
Periodic Inventory System CORRECT ANSWERS Transactions recorded at end of
accounting period.
Perpetual Inventory System CORRECT ANSWERS Transactions recorded when Merch
is recieved.
FIFO CORRECT ANSWERS Oldest items sold first
, LIFO CORRECT ANSWERS Newest item sold first
Average Cost CORRECT ANSWERS Ending inventory units costed using an average
cost of goods available divided by the units available.
Specific Identification CORRECT ANSWERS Items are tagged with their cost
GAAP CORRECT ANSWERS Generally Accepted Accounting Principles
Securities Act of 1935 CORRECT ANSWERS Est. SEC to create rules, standards and
procedures used to amount for transactions and events.
Management Accounting CORRECT ANSWERS Concerned with preparing info used
by management to plan.
Cost Accounting CORRECT ANSWERS Concerned with the cost of a product or
service.
4 Types of Costs CORRECT ANSWERS Product, Period, Direct, Indirect
Product Cost CORRECT ANSWERS Cost involved in manufacturing.
Period Cost CORRECT ANSWERS Non-Product costs like admin costs.
Direct Cost CORRECT ANSWERS Easily traceable to cost of product
Indirect Cost CORRECT ANSWERS Supports more than one product. (electricity at
soap plant)
Three Major Product Cost CORRECT ANSWERS Direct Material, Direct Labor,
Overhead
Variable costs CORRECT ANSWERS cost varies with change
Fixed Costs CORRECT ANSWERS remain constant
Mixed Costs CORRECT ANSWERS costs that have both a fixed and a variable
component
Adam Smith CORRECT ANSWERS Division of labor 1776, tasks subdivided into
individual jobs
Douglas McGregor CORRECT ANSWERS Theory X and Theory Y View
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ElevatedExcellence. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76800 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now