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USD Exit Exam Questions 100% Solved.

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USD Exit Exam Questions 100% Solved. Basic accounting vocabulary and concepts - Users of financial information - answerStakeholders of a business Types &characteristics of business organizations - answersole proprietorship, partnership, LLCs, corporations, LL partnerships, Define assets, liabi...

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  • October 21, 2024
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  • 2024/2025
  • Exam (elaborations)
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sirjoel
©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM



USD Exit Exam Questions 100% Solved.


Basic accounting vocabulary and concepts -


Users of financial information - answer✔Stakeholders of a business


Types &characteristics of business organizations - answer✔sole proprietorship,


partnership, LLCs, corporations, LL partnerships,


Define assets, liabilities, and equity. - answer✔○ Assets


○ Liabilities

○ Equity -stocks/shares -retained earnings


Accounting equation - answer✔Assets = Liabilities + Owner's Equity


Income Statement - answer✔Net sales, Op expenses, Op Income, Income before


taxes, Net income


Balance sheet (Assets, Liabilities , OE) and classifications - answer✔


Revenues - answer✔made this year


Expense - answer✔expenses

, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM


Classify assets & liabilities as current (less than a year) or long-term (more


than a year) - answer✔


Types of inventory systems - answer✔○ Periodic - count, certain period of time


○ Perpetual - normal, automated


Inventory systems/costing methods - answer✔(LIFO, FIFO, Avg. Cost, Specific ident.)


Internal control objectives, components, and control procedures - answer✔


Estimation of bad debt expense/allowance method/NRV - answer✔percentage of account

receivables


Fixed asset cost allocations - answer✔depreciation


Current Liabilities - answer✔liabilities due within a short time, usually within a year


Payables & interest expense - answer✔


Owner's equity components - answer✔retained earnings, dividends, shares


Ethical issues in accounting - sarbox(enron separate duties, reporting) - answer✔


Deferred/accrued revenues and expenses - answer✔○ DR = not earned yet, owed to customer

(paid in advance, down

payments)

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