Cfas exam questions - Study guides, Class notes & Summaries

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION 1. Which of the following will the vendor of the goods forward to the buyer? Group of answer choices Receiving report Invoice Purchase order Voucher 2. A balance in the ‘’Deferred Revenue’’ account represents: Group of answer choices Money received by the company for goods and services not yet conveyed to the buyer. Revenues not yet received. goods or services not set received by the company that has al...

Under what condition can an entity classify financial asset that meets the amortized cost criteria at FVPL? Correct Answer: If doing so eliminates or reduces an accounting mismatch An entity shall prepare and present a statement of cash flows as Correct Answer: Integral part of the entity's basic financial statements Costs incurred in bringing the inventory to the present location and condition include Correct Answer: Cost of designing product for specific customers Biological trans...

these are the two primary qualities that make accounting information useful for decision making Correct Answer: relevance, reliability information that helps users confirm or correct prior expectations has Correct Answer: confirmatory value enables users to identify the real similarities and differences in economic phenomena because the information has been measured and reported in a similar manner for different enterprises Correct Answer: comparability some cause which give rise to ...

Properties or resources owned by the business Correct Answer: Assets Primary reason for preparing financial reports in accounting Correct Answer: Decision making The ability of the business to pay its short term obligations Correct Answer: Liquidity Primary source of capital of a business Correct Answer: Owner's Investment Activities taking place in business which are measured and recorded in terms of money. Correct Answer: Business Transactions Accounting report that shows ...

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION 1. Which of the following will the vendor of the goods forward to the buyer? Group of answer choices Receiving report Invoice Purchase order Voucher 2. A balance in the ‘’Deferred Revenue’’ account represents: Group of answer choices Money received by the company for goods and services not yet conveyed to the buyer. Revenues not yet received. goods or services not set received by the company that has al...

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION

ACCOUNTING CFAS EXAM QUESTIONS AND ANSWERS 2022 COMPLETE SOLUTION 1. Which of the following will the vendor of the goods forward to the buyer? Group of answer choices Receiving report Invoice Purchase order Voucher 2. A balance in the ‘’Deferred Revenue’’ account represents: Group of answer choices Money received by the company for goods and services not yet conveyed to the buyer. Revenues not yet received. goods or services not set received by the company that has al...

CFAS EXAM QUESTIONS WITH ALL CORRECTANSWERS GRADED A+ Which concept of capital should be adopted by an entity if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital? A. financial concept B. physical concept C. either a or b D. neither a nor b - Answer-A The underlying theme of the conceptual framework is A. decision usefulness B. understandability C. just as important as informa...

If doing so eliminates or reduces an accounting mismatch - - - Under what condition can an entity classify financial asset that meets the amortized cost criteria at FVPL? Integral part of the entity's basic financial statements - - - An entity shall prepare and present a statement of cash flows as Cost of designing product for specific customers - - - Costs incurred in bringing the inventory to the present location and condition include C. Production of agricultural produce - - - Biologic...