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Exam (elaborations)

afm exam review questions & answers 2023/2024

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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...

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  • September 14, 2023
  • 9
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Afm
  • Afm
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Bensuda
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

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