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Accounts Receivable correct answers The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used. Accounts Payable correct answers The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they hav...

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  • September 12, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Overview for Civil Service Exam || A+ Verified Solutions.
Accounts Receivable correct answers The amount of money owed by customers or clients to a
business after goods or services have been delivered and/or used.

Accounts Payable correct answers The amount of money a company owes creditors (suppliers,
etc.) in return for goods and/or services they have delivered.

Assets correct answers Those that will be converted to cash within one year. Typically, this
could be cash, inventory or accounts receivable. Fixed assets (FA) are long-term and will likely
provide benefits to a company for more than one year, such as a real estate, land or major
machinery.

4 financial statements correct answers B/S, I/S, statement of cash flow, and statement of RE

B/S correct answers Assets = Liabilities + Shareholder Equity.

I/S correct answers Revenue-Expenses=NI

Statement of Cash flow correct answers Cash inflow - Outflow = Net cash

Statement of RE correct answers Beg RE+NI-Cash Dividends-Stock Dividends=End RE

COGS correct answers Direct costs attributable to the production of the goods sold in a
company. This amount includes the cost of the materials used in creating the good along with the
direct labor costs used to produce the good. It excludes indirect expenses such as distribution
costs and sales force costs. Beg Inv+COG purchased=COG available for sale-End Inv=COGS

Credit correct answers Increase liabilities, decrease assets

Debit correct answers Increase assets, decrease liabilties

Expenses correct answers The fixed, variable, accrued or day-to-day costs that a business may
incur through its operations.

Fixed expenses (FE): payments like rent that will happen in a regularly scheduled cadence.
Variable expenses (VE): expenses, like labor costs, that may change in a given time period.
Accrued expense (AE): an incurred expense that hasn't been paid yet.
Operation expenses (OE): business expenditures not directly associated with the production of
goods or services—for example, advertising costs, property taxes or insurance expenditures.

Equity correct answers An owner's equity is typically explained in terms of the percentage of
stock a person has ownership interest in the company. The owners of the stock are known as
shareholders.

, GAAP correct answers A set of rules and guidelines developed by the accounting industry for
companies to follow when reporting financial data. Following these rules is especially critical for
all publicly traded companies.

General Ledger correct answers A complete record of the financial transactions over the life of a
company.

Trial Balance correct answers A business document in which all ledgers are compiled into debit
and credit columns in order to ensure a company's bookkeeping system is mathematically
correct.

ROI correct answers A measure used to evaluate the financial performance relative to the amount
of money that was invested. The ROI is calculated by dividing the net profit by the cost of the
investment. The result is often expressed as a percentage.

Bond correct answers fixed income investment in which an investor loans money to an entity
(typically corporate or governmental) which borrows the funds for a defined period of time at a
variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign
governments to raise money and finance a variety of projects and activities.

Accounting cycle: correct answers Transactions-->Entries to Ledger accounts-->Unadjusted
Trial balance--> Adjusting Entries--> Adjusted Trial Balance-->F/S--> Closing Entires--> Post
closing trial balance

Three main functions for managerial acct: correct answers planning, controlling, and decision
making

managerial acct is the process of correct answers Identifying, measuring, analyzing, interpreting,
and communicating information

Controller correct answers The chief managerial and financial accountant is responsible for:
(manager of acct dept)
Supervising accounting personnel.
Preparation of information and reports, managerial and financial.
Analysis of accounting information.
Planning and decision making.

Managerial vs Financial Acct: correct answers M: not bound by GAAP, info for managers
F: does follow GAAP, info for stockholders

Line position correct answers manager or worker directly involved in the sales or production.

Staff Position correct answers advice or information giver, or provider of materials or services.
I.e., not directly
involved in the sales or production.

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