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MODULE 2: FINANCIAL MANAGEMENT FROM M100 QUESTIONS AND ANSWERS 100% CORRECT
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MODULE 2: FINANCIAL MANAGEMENT FROM M100 QUESTIONS AND ANSWERS 100% CORRECT
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MODULE 2: FINANCIAL MANAGEMENT FROM M100QUESTIONS AND ANSWERS 100% CORRECT
Which of the following accounting methods records revenue when it is collected
and expenses when they are paid?
a. cash basis
b. accrual basis
c. modified cash basis
d. modified accrual basis - ANSWER a. cash basis
A ___________ occurs when expenses are greater than revenue
a. net income
b. net loss
c. net gain
d. net profit - ANSWER b. net loss
Which is not one of the 3 major components of a balance sheet?
a. assets
b. liabilities
c. expenses
d. member's equity - ANSWER c. expenses
True/False
A CPA's representation letter describes the nature of the work to be done, the
type of report to be prepared, the fee for services, the time frame for the
, assignment, and the accountant disclaimers - ANSWER False - the Engagement
Letter does that
a _________ is a year-end financial report prepared by a CPA without the
assurance that the information conforms to GAAP
a. compilation
b. review
c. audit
d. opinion letter - ANSWER a. compilation
Community associations must file a federal income tax return every year: T/F -
ANSWER True
which of the following investment objectives for community associations refers to
the ease which which an investment can be converted into cash or a cash
equivalent?
a. safety
b. liquidity
c. yield
d. treasury bills - ANSWER b. liquidity
Each of the following statements regarding community association assessments
are true EXCEPT:
a. assessments penalize residents for violating association rules
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