GFACT Certification Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed
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Course
GFACT Certification
Institution
GFACT Certification
GFACT Certification Exam Questions
and Answers | Latest Version | 2024/2025
| Already Passed
What does GFACT stand for?
A) General Financial Assessment Certification Test
B) Global Financial Accounting Certification Test
C) Generalized Financial and Accounting Certification Test
D) Glo...
GFACT Certification Exam Questions
and Answers | Latest Version | 2024/2025
| Already Passed
What does GFACT stand for?
A) General Financial Assessment Certification Test
✔✔B) Global Financial Accounting Certification Test
C) Generalized Financial and Accounting Certification Test
D) Global Accounting Fundamentals and Certification Test
Which of the following is a key focus of GFACT certification?
A) Programming skills
✔✔B) Financial accounting principles
C) Human resource management
D) Marketing strategies
What is the primary purpose of financial statements?
A) To entertain stakeholders
✔✔B) To provide a summary of financial performance
1
,C) To create promotional content
D) To offer investment advice
What does the balance sheet represent?
✔✔A) A snapshot of a company's financial position at a specific time
B) A summary of cash flow over a period
C) An analysis of sales growth
D) A report on employee productivity
Which accounting principle states that expenses should be matched with revenues?
A) Consistency principle
✔✔B) Matching principle
C) Historical cost principle
D) Revenue recognition principle
What is the formula for calculating net income?
A) Revenues - Liabilities = Net Income
✔✔B) Revenues - Expenses = Net Income
2
,C) Assets - Liabilities = Net Income
D) Revenues + Expenses = Net Income
Which of the following accounts would be classified as a liability?
A) Cash
✔✔B) Accounts Payable
C) Inventory
D) Retained Earnings
What is the purpose of an audit?
A) To prepare financial statements
B) To issue loans
✔✔C) To evaluate the accuracy of financial records
D) To manage tax returns
What does the term "liquidity" refer to?
A) The ability to generate profits
✔✔B) The ability to meet short-term obligations
3
, C) The overall profitability of a company
D) The value of long-term assets
What is a common method for calculating depreciation?
✔✔A) Straight-line method
B) Market value method
C) Asset appreciation method
D) Current value method
What does GAAP stand for?
A) General Accounting Assessment Principles
✔✔B) Generally Accepted Accounting Principles
C) Government Accounting and Assurance Procedures
D) Generalized Accounting Analysis Procedures
Which financial statement provides information about cash inflows and outflows?
A) Income Statement
B) Balance Sheet
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