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OVERVIEW FOR CIVIL SERVICE EXAM QUESTIONS AND ANSWERS
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OVERVIEW FOR CIVIL SERVICE EXAM QUESTIONS AND ANSWERS
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Name: Score:88 Multiple choice questions
Definition 1 of 88
manager or worker directly involved in the sales or production.
Divisional position
Controller
Line position
Staff position
Definition 2 of 88
Increase assets, decrease liabilties
Credit
Equity
Expenses
Debit
Definition 3 of 88
costs are the combination of DL and FOH.
Conversion costs
Product costs
Prime costs
Opportunity cost
,Definition 4 of 88
Transactions-->Entries to Ledger accounts-->Unadjusted Trial balance--> Adjusting Entries-->
Adjusted Trial Balance-->F/S--> Closing Entires--> Post closing trial balance
Accounts Payable
Accounts Receivable
Accounting cycle:
Job cost sheet
Definition 5 of 88
B/S, I/S, statement of cash flow, and statement of RE
4 financial statements
96 financial statements
financial statements for fiduciary net position
relationship among the financial statements
Definition 6 of 88
Net Operating Income / Sales Revenue
Investment Turnover
Product Costs
Gross Profit
Profit Margin
,Definition 7 of 88
requires a company to record revenues in the accounting period when earned
revenues earned when products are delivered or services are performed
Fob destination
Trial balance
Product costs
Rev rec principle
Definition 8 of 88
Direct costs attributable to the production of the goods sold in a company. This amount
includes the cost of the materials used in creating the good along with the direct labor costs
used to produce the good. It excludes indirect expenses such as distribution costs and sales
force costs. Beg Inv+COG purchased=COG available for sale-End Inv=COGS
CONVERSION COSTS
EXPENSES
COGS
CASH
Definition 9 of 88
Discounts= Offered to customers to promote prompt payment of the balance due.
Sales discounts
Accounts receivable
Purchase discounts
Bad debt expense
, Definition 10 of 88
A complete record of the financial transactions over the life of a company.
Bond
General Ledger
Accounts Receivable
Trial Balance
Definition 11 of 88
beginning inventory x 100%
started & completed x 100%
ending inventory x % completed this period
Which of the following documents authorizes the purchase transaction?
Credit memo from supplier
Invoice or bill from supplier
Purchase order
Purchase requisition
Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales
returns and allowances of $24,000, and cost of goods sold of $60,000. What would be
the net sales revenue of Brown Glory Corp.?
$102,000
$54,000
$90,000
$114,000
WEIGHTED AVERAGE method assumes all beginning units require 100% of material and
conversion
costs to complete regardless of actual amount of material and conversion costs needed.
Mixes some prior
period costs with current period costs (Average).
managerial acct is the process of
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