UHD BCAT EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE 2024
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UHD BCAT
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UHD BCAT
UHD BCAT EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE 2024
financial accounting - Answers a system of processing financial data for a company with the purpose of producing a set of financial statements which investors and creditors can use to make financial decisions.
financial statements - A...
UHD BCAT EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE 2024
financial accounting - Answers a system of processing financial data for a company with the purpose of
producing a set of financial statements which investors and creditors can use to make financial
decisions.
financial statements - Answers a short report that disclose information about various aspects of a
company, including the balance sheet, income statement and cash flow statement
Asset - Answers anything of value owned by the company
Balance sheet - Answers measures the company's financial position at a particular point in time by listing
assets and liabilities and showing the difference as owners equity
liability - Answers an obligation to either pay out assets or perform services
owners equity - Answers residual ownership of the assets (assets - liabilities)
income statement - Answers measures company's performance over a given period of time
Accural Accounting - Answers A type of accounting that recognizes incomes when they are earned and
expenses when they are incurred, rather than when they are received or paid.
Expenses - Answers cost of goods sold or serviced performed
four basics of financial statements - Answers income statement (statement of operations)
statement of retained earnings
Balance sheet
Statement of cash flows
Define accounting - Answers The information system that identifies, records, and communicates the
economic events of an organization to interested users.
what are the four forms of businesses - Answers proprietorship, partnership, llc, and corporation
What is a proprietorship - Answers It is a business owned by one person.
What is a partnership? - Answers An association of two or more persons to carry on a business for profit
as co-owners
what is a limited-liability company - Answers one in which the business is liable for the company's debts.
it can have one owner or many owners.
what is a corporation - Answers a corporation is a business owned by the stockholders or shareholders
who own stock representing shares of ownership in the corporation.
,What is GAAP? - Answers Generally Accepted Accounting Principles by the Financial Accounting
Standards Board (FASB)
What is IFRS - Answers International Financial Reporting Standards
what is an entity - Answers any organization or person that stands apart from other organizations and
individuals as a separate economic unit.
what is the accounting equation - Answers Assets = Liabilities + Owner's Equity
Assets= Liabilities + Stockholder's Equity
Assets = Liabilities + Paid-in capital + Retained earnings
Owners equity = Assets = liabilities
Define revenue - Answers revenue are inflows of resources that increase retained earnings by delivering
goods or services to customers
define dividends - Answers payments of cash from a corporation to its stockholders
what is net income - Answers when total expenses exceed total revenues
what is net loss - Answers When total expenses exceed total revenues
What is the net income formula? - Answers Revenue - Expenses = Net Income
how to measure the gross profit - Answers Service revenue - cost of service
what are the two main categories of assets - Answers current and long-term assets
examples of long-term assets - Answers property, plant, equipment, long-term investments, and
intangible assets
what are intangible assets - Answers assets that have no physical substance but still represent resources
that have a future benefit to the company.
examples of stockholder equity - Answers common stock, additional paid-in capital, retained earnings,
treasury stock, accumulated other comprehensive income
three factors that influence business and accounting decisions - Answers economics, legal, and ethical
, what are the different types of assets - Answers cash, accounts receivable, inventory, prepaid expenses,
investments
positive economics - Answers the approach to economic study involving the observation of economic
choices and the prediction of economic events
normative economics - Answers The part of economics involving value judgments about what the
economy should be like; focused on which economic goals and policies should be implemented; policy
economics.
Define comparative advantage - Answers the ability of an individual or group to carry out a particular
economic activity (such as making a specific product) more efficiently than another activity.
Define absolute advantage - Answers the ability to produce a good using fewer inputs than another
producer
define efficient market - Answers market in which profit opportunities are eliminated almost
instanteously
market-based economy - Answers producers/consumers make up the market and the market
determines the allocations of the resources.
command and control economy - Answers government controls where the resources go
allocative efficiency - Answers produces at the point along its production possibilities curve that makes
consumers as well off as possible
law of demand - Answers the price of a good and the quantity demanded are inversely related
Shifters of Demand Curve - Answers income, prices of related goods, tastes, expectations, number of
buyers
Law of Supply - Answers producers offer more of a good as its price increases and less as its price falls
Supply Shifters - Answers cost of production, number of suppliers, natural events, government
regulations.
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