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Breaking Into Wall Street" Accounting Exam Questions and Answers 100% Pass $12.49
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Breaking Into Wall Street" Accounting Exam Questions and Answers 100% Pass
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Breaking Into Wall Street" Accounting Exam Questions and Answers 100% Pass What does the Income Statement list? - 1. Revenue 2. Expenses 3. Taxes What criteria must each item meet in order to be listed on the Income Statement? - 1. It must correspond to the period only shown on the income sta...

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  • December 5, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • breaking into wall street accounting exam questio

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  • Wall Street
  • Wall Street

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Breaking Into Wall Street" Accounting Exam
Questions and Answers 100% Pass


What does the Income Statement list? - ✔✔1. Revenue


2. Expenses


3. Taxes


What criteria must each item meet in order to be listed on the Income Statement? - ✔✔1. It must

correspond to the period only shown on the income statement. A 20 year asset would NOT appear on the

1 year income statement




2. It must affect the company's taxes


ex: interest paid on debt is tax deductible, so it would appear on the income statement


What are the 4 main sections on the income statement? - ✔✔1. Revenue and Cost of Goods Sold


2. Operating Expenses (not directly linked to product sales)


3. Other Income and Expenses


4. Taxes and Net Income


Revenue and Cost of Good Sold means..? - ✔✔Rev is the value of the products/services sold in a period.

COGS represents the expenses directly linked to the sale of the products/services


Operating Expenses - ✔✔Items that are not directly linked to the product sales


Ex: Employee salary, rent, marketing, research, etc



Page 1/17
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,Other Income and Expense - ✔✔This goes between Operating Income and


Pre-Tax Income. Interest shows up here, as well as items such as Gains


and Losses when Assets are sold, Impairment Charges, Write-Downs, and


Taxes and Net Income - ✔✔Net Income represents the company's "bottom


line" - how much in after-tax profits it has earned. Net Income = Revenue


- Expenses - Taxes.


What ALWAYS appears on the income statement? - ✔✔1. Revenue


2. COGS


3.Operating Expenses


4. Depreciation


5. Amoritization


6. Stock Based Compensation


7. Gains


8. Interest


9.Write Downs


What does the balance sheet show? - ✔✔The company's resources -


1.its Assets - and how it acquired those resources - 2.Liabilities & Equity - at a specific point in time.




The sheet must always remain in balance, both sides equaling each other


What does asset ALWAYS equal? - ✔✔Assets=liabilities+equity

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, What is an asset? - ✔✔An item that will


result in, directly or indirectly,


additional cash in the future.


What is a liability - ✔✔An item that will


result in, directly or indirectly,


less cash in the future. Most


Liabilities are related to external


parties - payments owed to


suppliers, or borrowed money,


for example. Liabilities are used


to fund a business.


What is equity - ✔✔Line items are similar to


Liabilities (used to fund a


business), but they refer to the


company's own internal


operations rather than external


parties.


Key Assets - ✔✔1. Short term investment


2. Acc receiveable


3. Prepaid expense

Page 3/17
Crafted for Academic Insight by KatelynWhitman. All rights reserved © 2025

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