100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
(LU) BMAL 530 Accounting for Non Financial Managers - Midterm Exam Review $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Liberty University
  4.  
  5. ACCOUNTING

Exam (elaborations)

(LU) BMAL 530 Accounting for Non Financial Managers - Midterm Exam Review

 12 views  0 purchase

(LU) BMAL 530 Accounting for Non Financial Managers - Midterm Exam Review (LU) BMAL 530 Accounting for Non Financial Managers - Midterm Exam Review (LU) BMAL 530 Accounting for Non Financial Managers - Midterm Exam Review

Preview 3 out of 18  pages

Document information

  • August 28, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • lu bmal 530 accounting for non financial manager

Written for

All documents for this subject (19)

Seller

avatar-seller
honors

Reviews received

Content preview

BMAL 530




Accounting for Non-Financial
Managers




MIDTERM EXAM REVIEW




©LU 2024/2025

,1. Which of the following accounting methods records revenue
when it is earned, regardless of when cash is received?
a) Cash Basis
b) Accrual Basis
c) Hybrid Basis
d) Deferred Revenue


Answer: b) Accrual Basis
Rationale: The accrual basis of accounting recognizes revenue
when earned, not necessarily when cash is received.


2. Which financial statement provides information about a
company's profitability over a specific period?
a) Balance Sheet
b) Statement of Cash Flows
c) Income Statement
d) Statement of Retained Earnings


Answer: c) Income Statement

©LU 2024/2025

, Rationale: The income statement summarizes revenues and
expenses, showing the company's profitability for a given time
frame.


3. What is the primary purpose of budgeting in a business?
a) To record transactions
b) To monitor cash on hand
c) To plan and control operations
d) To determine tax liabilities


Answer: c) To plan and control operations
Rationale: Budgeting involves setting financial goals and
outlining the steps needed to achieve them, facilitating the
management of resources.


4. In cost-volume-profit (CVP) analysis, the contribution margin is
defined as:
a) Sales Revenue - Total Fixed Costs
b) Total Revenue - Total Costs
c) Sales Revenue - Variable Costs
d) Gross Profit - Operating Expenses


©LU 2024/2025

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 honors. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart