CMCA EXAM PREP EXAM | STUDY
QUESTIONS AND ANSWERS
GRADED A+ | 2024/2025 GUIDE
What is cash basis accounting
- correct answer - records revenue when it is collected and
expenses when they are paid
What is accrual accounting
- correct answer - records revenue when earned (assessed to
owners) and expenses when they are incurred
What is modified cash basis
- correct answer - records revenue on accrual basis and
expense on cash basis
(3) major components of a balance sheet
- correct answer - 1) assets
2) liabilities
3) members equity
What is an audit?
, - correct answer - an examination of the accounting records
and procedures of an organization by a cpa to verify accuracy
and completeness of financials
What is a review?
- correct answer - a less thorough and less costly report of
financials
What is a compliation?
- correct answer - a presentation of financial statements by a
cpa without assurance the information conforms with gaap
Facilities management is
- correct answer - the process of operating, maintaining,
repairing and replacing common property
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