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Adventis FMC Level 1 Questions And Answers 100% Verified.
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Adventis FMC Level 1 Questions And Answers 100% Verified. financial statement communicates what? - correct answer. - financial condition - results of operations - various other activities of an organization how board of directors use financial data... - correct answer. - hold...

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  • September 26, 2024
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  • 2024/2025
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Adventis FMC Level 1 Questions And
Answers 100% Verified.


financial statement communicates what? - correct answer. - financial condition
- results of operations
- various other activities of an organization

how board of directors use financial data... - correct answer. - hold management
accountable - make board-level decisions about corporate strategy

how company management uses financial data... - correct answer. - measure
performance
- make strategic, operating and financial decisions

how creditors use financial data... - correct answer. - measure creditworthiness
- liquidity
- bankruptcy risk

how investors use financial data... - correct answer. make decisions on buying/selling
equity investments

how acquirers use financial data... - correct answer. - determine valuation
- make investment decisions

how regulators use financial data... - correct answer. determine whether company is
operating according to regulations/law

what does the income statement present? - correct answer. results of operations over
a period of time

what is the purpose of the income statement? - correct answer. to show whether the
company made or lost money during the period reported

what does the income statement indicate? - correct answer. how revenues are
translated into net income through subtracting expenses

, revenue (sales) - correct answer. amount charged for the delivery of goods or
services

cost of sales (cogs) - correct answer. - direct cost of producing revenue
- Ex: raw materials, direct wages, etc.

gross profit - correct answer. - revenue - cogs
- indicates how efficiently labor and materials are used in the production process

operating expenses - correct answer. - all other expenses required to run a business
- Ex: management salaries, marketing, travel, etc.

operating income (EBIT) - correct answer. - revenue - cogs - operating expenses
- indicates a company's earning power from ongoing operations

non-operating expenses - correct answer. - expenses not related to regular business
of the company
- Ex: interest expense, restructuring expense, etc.

corporate taxes - correct answer. local and federal income taxes the company incurs

net income (net earnings) - correct answer. - revenue - cogs - operating expenses -
non-operating expenses - taxes
- indicates increase in shareholders' value resulting from operations

what does the balance sheet show? - correct answer. an organization's financial
position at a particular point in time

what does the balance sheet disclose? - correct answer. - the resources an
organization controls (assets)
- the claims on those resources (liabilities and equity)

what is the basic accounting equation? - correct answer. assets = liabilities + equity

what is the basic accounting equation a foundation for? - correct answer. the double
entry bookkeeping system

what is the double entry bookkeeping system? - correct answer. there is a credit for
every debit

what does the accrual accounting method measure? - correct answer. the
performance of a company regardless of when cash transaction occur

cash - correct answer. current assets comprising currency or currency equivalents
that can be accessed immediately

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