GTB Test -2 exam with complete solutions 2024_2025.
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Course
GTB
Institution
GTB
Accounting provides a framework for looking at:
- past performance
- current financial health
- possible future performance
- all of the above
ALL OF THAT ABOVE
The Financial Accounting Standards Board (FASB) is a:
private organization that is responsible for establishing financial acc...
GTB Test #2 exam with complete solutions
2024/2025
Accounting provides a framework for looking at:
- past performance
- current financial health
- possible future performance
- all of the above - ANSWER- ALL OF THAT ABOVE
The Financial Accounting Standards Board (FASB) is a: - ANSWER- private
organization that is responsible for establishing financial accounting standards in
the United States
Managerial accounting provides information that would probably be most
beneficial to:
the IRS
financial analysts
a lending officer of the bank
a middle manager of the company - ANSWER- a middle manager of the company
Which of the following statements about the accounting profession is true?
- Most CPAs first work for public accounting firms and later become private
accountants or financial managers.
- Managerial accountants become a certified management accountant when they
meet the requirements of the professional certification program.
- Private accountants are also called corporate accountants.
- All of the above statement about the accounting profession are true. - ANSWER-
All of the above statement about the accounting profession are true.
Things of value owned by a firm are called its: - ANSWER- assets
, Which of the following is an example of an asset that might be owned by a minor
league baseball team?
- salaries owed to its players
- the cost of getting tickets printed
- reputation as a winning team
- the price made for advertising on local radio - ANSWER- reputation as a winning
team
_____ are temporary investments of excess cash in bonds and stocks that can
readily be converted into cash.
Accounts receivable
Marketable securities
Notes payable
Owners' net contribution margins - ANSWER- Marketable securities
_____ is the company's ability to expense fixed assets over their useful life.
Acceleration
Depreciation
Capital budgeting
Maturation - ANSWER- Depreciation
Trademarks, franchises, patents, and copyrights are carried on the company's
books as:
tangible assets
intangible assets
owners' equity
long-term assets - ANSWER- intangible assets
_____ is a summary of what a company has earned and spent over a given
period.
balance sheet
income statement
cash flow statement
trial balance - ANSWER- income statement
Net sales:
- is determined by adding total sales for the accounting period
- is calculated once profit after all expenses are paid
- is determined once profit after cost of goods sold is deducted
- deducts sales discount and returns and allowances from gross sales deducting
sales discount and returns and allowances from gross sales - ANSWER- deducts
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