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AFM 131 Exam Accounting Finance Questions & Answers 2023/2024 $7.99
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Exam (elaborations)

AFM 131 Exam Accounting Finance Questions & Answers 2023/2024
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AFM 131 Exam Accounting Finance Questions & Answers 2023/2024 Chartered Professional Accountants - ANSWER-CPA: Merge of Certified Management Accountants and Certified General Accountants Transactions - ANSWER-Buying supplies, paying employees, and receiving a loan are all examples of Acc...

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  • September 14, 2023
  • 6
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • afm 131 exam accounting finance

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  • AFM 131
  • AFM 131

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AFM 131 Exam Accounting Finance
Questions & Answers 2023/2024

Chartered Professional Accountants - ANSWER-CPA: Merge of Certified Management Accountants and
Certified General Accountants



Transactions - ANSWER-Buying supplies, paying employees, and receiving a loan are all examples of



Accounting System - ANSWER-The method used to record and summarize accounting data into reports



Inputs - ANSWER-Part of the accounting system: Accounting documents such as sales, purchasing or
shipping documents, payroll records, bank records, travel records, or entertainment records



Processing - ANSWER-Part of the accounting system: Entries or recordings made to journals, the effects
of these entries are then transferred or posted into ledgers (classifying)



Outputs - ANSWER-Part of the accounting system: (Financial statements) Balance sheet, income
statement, cashflow statements, and annual reports



5 Key Working Areas of Accounting - ANSWER-1.Managerial accounting

2. Financial accounting

3. Compliance (auditing)

4. Tax accounting

5. Government and not-for-profit accounting



Managerial Accounting - ANSWER-Measures and reports costs of production, marketing, and other
functions-- preparing and monitoring budgets. Provides information to managers inside the company to
assist in decision making

, Financial Accounting - ANSWER-Information for stakeholders outside the company-- is the organization
profitable?



Annual Report - ANSWER-A yearly statement of the financial condition, progress and expectations of a
company/organization



Compliance Accounting - ANSWER-Reviewing the records a company used to produce the financial
statements-- required for all public corporations in Canada whose shares are traded in a public stock
exchange



Independant Audits - ANSWER-Evaluation and unbiased opinion about the accuracy of a company's
financial statements



Public Accountant - ANSWER-Provides services to individuals or businesses on a fee basis i.e. compliance
or consulting



Bookkeeping - ANSWER-Recording business transactions (focus on inputs)



Accounting - ANSWER-Classifying and summarizing financial data recorded by bookkeepers (focus on
outputs)



Double Entry - ANSWER-Every transaction affects at least 2 accounts



Fundamental Accounting Equation - ANSWER-Assets = Liabilities + Owner's Equity



Ledger - ANSWER-A specialized accounting book in which information from accounting journals is
accumulated into accounts and posted so that managers can find all of the information about a specific
account in one place.



Trial Balance - ANSWER-A summary of all of the data in the account ledgers to show whether the figures
are correct and balanced

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