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...
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 - 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
accounting documents - ANSWER-inputs
financial statements - ANSWER-outputs
accounting disciplines - ANSWER-Managerial Accounting, Financial Accounting, Auditing, Tax Accounting and consulting/advisory services
managerial accounting - ANSWER-internal, daily/weekly/monthly reports, buy vs lease (accounting discipline) financial accounting - ANSWER-external, quarterly/annual reports, lending and investing (accounting discipline)
auditing - ANSWER-compliance: lenders, creditors, investors, government, management (accounting discipline)
Tax accounting - ANSWER-government management, charge and collect taxes, maintain tax status (accounting discipline)
consulting/advisory services - ANSWER-opinions, recommendations, hiring, solve problems (accounting discipline)
government accounting - ANSWER-public sector financial standards and sharing information with taxpayers
not-for-profit accounting - ANSWER-making financial information available to donors (ie. Charities)
private accountant - ANSWER-work for 1 firm, government agency or non-profit organization
public accountant - ANSWER-provides services for individuals and businesses on a fee basis (compliance and consulting)
bookkeeping - ANSWER-recording and classifying, focus on inputs and processing
OE = assets - liabilities - ANSWER-fundamental accounting equation
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
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 Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.