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UHD BCAT Exam Questions And Answers 100% Pass Financial accounting - answera system of processing financial data for a company with the purpose of producing a set of financial statements which investors and creditors can use to make financial decisions. financial statements - answera short rep...

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  • November 13, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • uhd bcat exam questions and answers 100 pass

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©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM


UHD BCAT Exam Questions And Answers
100% Pass


Financial accounting - answer✔a system of processing financial data for a company with the
purpose of producing a set of financial statements which investors and creditors can use to
make financial decisions.

financial statements - answer✔a short report that disclose information about various aspects of
a company, including the balance sheet, income statement and cash flow statement

Asset - answer✔anything of value owned by the company

Balance sheet - answer✔measures the company's financial position at a particular point in time
by listing assets and liabilities and showing the difference as owners equity

liability - answer✔an obligation to either pay out assets or perform services

owners equity - answer✔residual ownership of the assets (assets - liabilities)

income statement - answer✔measures company's performance over a given period of time

Accural Accounting - answer✔A type of accounting that recognizes incomes when they are
earned and expenses when they are incurred, rather than when they are received or paid.

Expenses - answer✔cost of goods sold or serviced performed

four basics of financial statements - answer✔income statement (statement of operations)
statement of retained earnings
Balance sheet
Statement of cash flows

Define accounting - answer✔The information system that identifies, records, and
communicates the economic events of an organization to interested users.

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM

what are the four forms of businesses - answer✔proprietorship, partnership, llc, and
corporation

What is a proprietorship - answer✔It is a business owned by one person.

What is a partnership? - answer✔An association of two or more persons to carry on a business
for profit as co-owners

what is a limited-liability company - answer✔one in which the business is liable for the
company's debts. it can have one owner or many owners.

what is a corporation - answer✔a corporation is a business owned by the stockholders or
shareholders who own stock representing shares of ownership in the corporation.

What is GAAP? - answer✔Generally Accepted Accounting Principles by the Financial Accounting
Standards Board (FASB)

What is IFRS - answer✔International Financial Reporting Standards

what is an entity - answer✔any organization or person that stands apart from other
organizations and individuals as a separate economic unit.

what is the accounting equation - answer✔Assets = Liabilities + Owner's Equity


Assets= Liabilities + Stockholder's Equity


Assets = Liabilities + Paid-in capital + Retained earnings


Owners equity = Assets = liabilities

Define revenue - answer✔revenue are inflows of resources that increase retained earnings by
delivering goods or services to customers

define dividends - answer✔payments of cash from a corporation to its stockholders

what is net income - answer✔when total expenses exceed total revenues

what is net loss - answer✔When total expenses exceed total revenues

What is the net income formula? - answer✔Revenue - Expenses = Net Income

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM

how to measure the gross profit - answer✔Service revenue - cost of service

what are the two main categories of assets - answer✔current and long-term assets

examples of long-term assets - answer✔property, plant, equipment, long-term investments,
and intangible assets

what are intangible assets - answer✔assets that have no physical substance but still represent
resources that have a future benefit to the company.

examples of stockholder equity - answer✔common stock, additional paid-in capital, retained
earnings, treasury stock, accumulated other comprehensive income

three factors that influence business and accounting decisions - answer✔economics, legal, and
ethical

what are the different types of assets - answer✔cash, accounts receivable, inventory, prepaid
expenses, investments

examples of liability - answer✔accounts payable, notes payable, accrued liabilities.

what is the current ratio equation? - answer✔current assets / current liabilities

Cost of Goods Sold Equation - answer✔CGS = Beginning Inventory + Purchases of merchandise -
Ending Inventory

Gross Profit Equation - answer✔sales = cost of goods sold = gross profit

Gross profit margin - answer✔Gross profit / sales

positive economics - answer✔the approach to economic study involving the observation of
economic choices and the prediction of economic events

normative economics - answer✔The part of economics involving value judgments about what
the economy should be like; focused on which economic goals and policies should be
implemented; policy economics.

Define comparative advantage - answer✔the ability of an individual or group to carry out a
particular economic activity (such as making a specific product) more efficiently than another
activity.

Define absolute advantage - answer✔the ability to produce a good using fewer inputs than
another producer

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