Exam (elaborations)
AAAE ACE Airport Finance Mod 2: Questions And Answers
- Course
- Institution
AAAE ACE Airport Finance Mod 2: Questions And Answers
[Show more]
Content preview
AAAE ACE Airport Finance Mod 2: Questions AndAnswers
Cash Basis Accounting Correct Ans - records revenues when cash is received and
expenses when cash is paid
Accrual Basis Accounting Correct Ans - reporting income when it is earned and
expenses when they are incurred, does not matter when cash is exchanged
Modified Accrual Accounting Correct Ans - recognized 1) revenues when the
resulting current financial resources are both measurable and available to be used and 2)
expenditures when they are incurred
GAAP Principles Correct Ans - Recognition, measurement, presentation, disclosure
Operating Budget Correct Ans - budget for day-to-day expenses covering the span
of a year
Capital Budget Correct Ans - budget for major capital, or investment, expenditures
covering up to 5-10 years, also subject to depreciation on accounting records
Budget Cycle Correct Ans - Planning, preparation, approval, execution (or
expenditure), analysis, audit
Incremental Budget Correct Ans - Increases the previous year's budget by a
percentage
Zero-Based Budget Correct Ans - allocates resources as if each budget was brand
new not taking into account last year's budget
Management by Objectives (MBO) Correct Ans - Setting goals and then creating a
budget to meet those goals
Activity-Based Budgeting (ABB) Correct Ans - Budgeting approach that focuses on
the budgeted cost of the activities necessary to accomplish functions.
1. Identify activities and their cost drivers
2. Forecast number of units of cost driver for required activity level
3. Calculate the cost driver (cost per unit of activity)
Statement of Net Position/Assets Correct Ans - Balance Sheet
Statement of Revenues, Expenses, and Changes in Net Position/Assets Correct Ans -
Income Statement
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Studyhall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now