100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
UHD BCAT EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE 2024 $7.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. UHD BCAT
  4.  
  5. UHD BCAT

Exam (elaborations)

UHD BCAT EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE 2024
 0 purchase
  • Course
  • UHD BCAT
  • Institution
  • 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...

[Show more]

Preview 3 out of 20  pages

Document information

  • November 5, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • uhd bcat exam questions and correct answers lates

Written for

  • UHD BCAT
  • UHD BCAT

Seller

avatar-seller
TutorJosh

Reviews received

Content preview

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

examples of liability - Answers accounts payable, notes payable, accrued liabilities.

what is the current ratio equation? - Answers current assets / current liabilities

Cost of Goods Sold Equation - Answers CGS = Beginning Inventory + Purchases of merchandise - Ending
Inventory

Gross Profit Equation - Answers sales = cost of goods sold = gross profit

Gross profit margin - Answers Gross profit / sales

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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$7.99
  • (0)
Add to cart
Added