Exam Bank for MOS 1023- Questions with Complete Solutions Latest Version
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Module
MOS 1023
Institution
MOS 1023
Exam Bank for MOS 1023- Questions with Complete Solutions Latest Version
Accounting - Answers identifies and records economic events of an organization and communicates information to interested users
internal users - Answers organize and run a business and make decisions
external users - Ans...
Exam Bank for MOS 1023- Questions with Complete Solutions Latest Version 2024-2025
Accounting - Answers identifies and records economic events of an organization and communicates
information to interested users
internal users - Answers organize and run a business and make decisions
external users - Answers investors and creditors
ethical behaviour - Answers actions are legal and responsible, rules or codes of conduct are used to
guide ethical behaviour
proprietorship - Answers business owned by one person, simple to set up, full control, has unlimited
liability, no distinction between the business and the owner
partnership - Answers business owned by more than one person, normally formalized in a written
partnership agreement, each partner has unlimited liability for all debts
unlimited liability - Answers any partners can be forced to give up their personal assets to repay the
debt
corporation - Answers a business organized as a separate legal entity owned by shareholders
public corporation - Answers distribute their financial statements to investors, lenders, other creditors,
interested parties and the general public
private corporation - Answers issue shares but do not make them available to the general public, are not
traded on the public stock exchange
financing activities - Answers obtaining and repaying funds to finance the operations of the business
External financing - Answers borrowing money or repaying loans, selling or repurchasing shares
internal financing - Answers using retained earnings to reinvest in the business rather than paying
dividends
investing activities - Answers purchasing and disposing long lived assets, selling long term investments
operating activities - Answers main day to day activities of the business, includes revenues and expense
related accounts
financial statements - Answers business documents that companies use to report results of their
activities
income statement - Answers reports the results of operations for a specific period of time
, revenues - Answers arise from the sale of a product or service in the regular course of operations
expenses - Answers costs of assets consumed or services used to generate revenues, decrease in
retained earnings
Statement of changes in equity - Answers shows the changes in each component of shareholders' equity
for the period
share capital - Answers amounts contributed by shareholders, may have common and preferred classes
retained earnings - Answers cumulative profit retained in the company
assets - Answers owned by the business
fixed assets - Answers property, plant and equipment
liabilities - Answers obligations of the business to outsiders
shareholders equity - Answers share capital and retained earnings, ownership interest in a company and
includes share capital and retained earnings
statement of cash flows - Answers reports the cash receipts and payments for a specific period of time,
shows where a company obtained cash during a period of time and how that cash was used
share capital - Answers the amount invested in the corporation by its owners in exchange for shares of
ownership
revenues - Answers increases in retained earnings from delivering goods or services to customers
GAAP - Answers (generally accepted accountin principles) rules and practices for the preparation of
financial statements, policies and practices that have substantive authoritative support and agreement
about how to report economic events
reporting entity concept - Answers requires that the economic activity that can be identified with a
particular company can be kept separate and distinct from the activities of the owner and of all other
economic entities
operating line of credit - Answers pre arranged bank loan for a maximum amount that allows a company
to draw more money than there is on hand
bank indebtness - Answers when a company uses its operating line of credit to cover cash shortfalls and
overdraws its bank account
common shares - Answers describes the amount paid by investors for shares of ownership in a company
Accounts receivable - Answers right to receive money in the future
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