afm exam review questions & answers 2023/2024
undercapitalization - ANSWER-most common ways for businesses to fail
accounting - ANSWER-recording, classifying, summarizing and interpreting transaction to provide management and stakeholders with the information needed
financial events - AN...
undercapitalization - ANSWER-most common ways for businesses to fail
accounting - ANSWER-recording, classifying, summarizing and interpreting transaction to provide
management and stakeholders with the information needed
financial events - ANSWER-buying supplies, paying employees, receiving a loan, selling product or service
and paying expenses
internal stakeholders - ANSWER-marketing, operations and human resource management staff (type of
stakeholder)
external stakeholders - ANSWER-investors, creditors, suppliers, government (type of stakeholder)
3 steps of processing - ANSWER-recording, classifying, summarized
generally accepted accounting principles - ANSWER-GAAP
balance sheet - ANSWER-assets and liability at. point in time
income statement - ANSWER-revenue and expenses for a period of time
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