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CFI FMVA EXAM 2024 QUESTIONS WITH ACTUAL SOLUTIONS!!
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CFI FMVA EXAM 2024 QUESTIONS WITH ACTUAL SOLUTIONS!!
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CFI FMVA EXAM2024 QUESTIONS
WITH ACTUAL
SOLUTIONS!!
Evatee 9/10/24 CFI FMVA
,CFI FMVA EXAM 2024 QUESTIONS WITH
ACTUAL SOLUTIONS!!
Income statement accounting Answer - Accrual - revenues & costs recorded as
a business earns or incurs them, not as it receives and pays money
It includes them in the relevant period's income statement and matches them
as closely as possible
CF makes no difference whatsoever - IS where sale happens
=> How do you decide when sale happens? RECOGNIZE REV UPON DELIVERY
OF GOOD/SERVICE PERFORMED
Why are profits and cash flow not the same thing? Answer - Accounting
differences
The idea of matching over time Answer -
CFS Accounting Answer - Only records transactions when cash is received
VS
IS records ALL revenues earned, whether in cash or accrued
Cash accounting method Answer - record income and expenditures at the time
the money changes hands
Cash accounting method Answer - An accounting method in which income and
expenditures are recorded at the time the money changes hands.
,Accrual Accounting Answer - recording in each fiscal period applicable
expenses, whether paid or not, and income earned, whether collected or not.
Accrual Basis Accounting Answer - reporting income when it is earned and
expenses when they are incurred
Accrual Basis Accounting Answer - the method of accounting that recognizes
revenue when it is earned and matches expenses to the revenues they helped
produce
Accrual Basis Accounting Answer - Accounting basis in which companies
record, in the periods in which the events occur, transactions that change a
company's financial statements, even if cash was not exchanged.
accrued expenses Answer - expenses incurred in one fiscal period but not paid
until a later fiscal period
accrued expenses Answer - expenses incurred but not yet paid in cash or
recorded
Cash flow from operating activities Answer - The net amount of cash provided
from operating activities.
cash flow from financing activities Answer -
The idea of matching over time Answer -
CFS Accounting Answer - Only records transactions when cash is received
VS
, IS records ALL revenues earned, whether in cash or accrued
Cash accounting method Answer - record income and expenditures at the time
the money changes hands
Cash accounting method Answer - An accounting method in which income and
expenditures are recorded at the time the money changes hands.
Accrual Accounting Answer - recording in each fiscal period applicable
expenses, whether paid or not, and income earned, whether collected or not.
Accrual Basis Accounting Answer - reporting income when it is earned and
expenses when they are incurred
Accrual Basis Accounting Answer - the method of accounting that recognizes
revenue when it is earned and matches expenses to the revenues they helped
produce
Accrual Basis Accounting Answer - Accounting basis in which companies
record, in the periods in which the events occur, transactions that change a
company's financial statements, even if cash was not exchanged.
accrued expenses Answer - expenses incurred in one fiscal period but not paid
until a later fiscal period
accrued expenses Answer - expenses incurred but not yet paid in cash or
recorded
Cash flow from operating activities Answer - The net amount of cash provided
from operating activities.
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