100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
UHD BCAT Exam Questions And Answers 100% Pass $11.49   Add to cart

Exam (elaborations)

UHD BCAT Exam Questions And Answers 100% Pass

 2 views  0 purchase
  • Course
  • UHD BCAT
  • Institution
  • UHD BCAT

UHD BCAT Exam Questions And Answers 100% Pass Financial accounting - answera system of processing financial data for a company with the purpose of producing a set of financial statements which investors and creditors can use to make financial decisions. financial statements - answera short rep...

[Show more]

Preview 3 out of 22  pages

  • November 13, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • UHD BCAT
  • UHD BCAT
avatar-seller
Thebright
©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM


UHD BCAT Exam Questions And Answers
100% Pass


Financial accounting - answer✔a system of processing financial data for a company with the
purpose of producing a set of financial statements which investors and creditors can use to
make financial decisions.

financial statements - answer✔a short report that disclose information about various aspects of
a company, including the balance sheet, income statement and cash flow statement

Asset - answer✔anything of value owned by the company

Balance sheet - answer✔measures the company's financial position at a particular point in time
by listing assets and liabilities and showing the difference as owners equity

liability - answer✔an obligation to either pay out assets or perform services

owners equity - answer✔residual ownership of the assets (assets - liabilities)

income statement - answer✔measures company's performance over a given period of time

Accural Accounting - answer✔A type of accounting that recognizes incomes when they are
earned and expenses when they are incurred, rather than when they are received or paid.

Expenses - answer✔cost of goods sold or serviced performed

four basics of financial statements - answer✔income statement (statement of operations)
statement of retained earnings
Balance sheet
Statement of cash flows

Define accounting - answer✔The information system that identifies, records, and
communicates the economic events of an organization to interested users.

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM

what are the four forms of businesses - answer✔proprietorship, partnership, llc, and
corporation

What is a proprietorship - answer✔It is a business owned by one person.

What is a partnership? - answer✔An association of two or more persons to carry on a business
for profit as co-owners

what is a limited-liability company - answer✔one in which the business is liable for the
company's debts. it can have one owner or many owners.

what is a corporation - answer✔a corporation is a business owned by the stockholders or
shareholders who own stock representing shares of ownership in the corporation.

What is GAAP? - answer✔Generally Accepted Accounting Principles by the Financial Accounting
Standards Board (FASB)

What is IFRS - answer✔International Financial Reporting Standards

what is an entity - answer✔any organization or person that stands apart from other
organizations and individuals as a separate economic unit.

what is the accounting equation - answer✔Assets = Liabilities + Owner's Equity


Assets= Liabilities + Stockholder's Equity


Assets = Liabilities + Paid-in capital + Retained earnings


Owners equity = Assets = liabilities

Define revenue - answer✔revenue are inflows of resources that increase retained earnings by
delivering goods or services to customers

define dividends - answer✔payments of cash from a corporation to its stockholders

what is net income - answer✔when total expenses exceed total revenues

what is net loss - answer✔When total expenses exceed total revenues

What is the net income formula? - answer✔Revenue - Expenses = Net Income

, ©THEBRIGHT EXAM SOLUTIONS

11/06/2024 10:41 AM

how to measure the gross profit - answer✔Service revenue - cost of service

what are the two main categories of assets - answer✔current and long-term assets

examples of long-term assets - answer✔property, plant, equipment, long-term investments,
and intangible assets

what are intangible assets - answer✔assets that have no physical substance but still represent
resources that have a future benefit to the company.

examples of stockholder equity - answer✔common stock, additional paid-in capital, retained
earnings, treasury stock, accumulated other comprehensive income

three factors that influence business and accounting decisions - answer✔economics, legal, and
ethical

what are the different types of assets - answer✔cash, accounts receivable, inventory, prepaid
expenses, investments

examples of liability - answer✔accounts payable, notes payable, accrued liabilities.

what is the current ratio equation? - answer✔current assets / current liabilities

Cost of Goods Sold Equation - answer✔CGS = Beginning Inventory + Purchases of merchandise -
Ending Inventory

Gross Profit Equation - answer✔sales = cost of goods sold = gross profit

Gross profit margin - answer✔Gross profit / sales

positive economics - answer✔the approach to economic study involving the observation of
economic choices and the prediction of economic events

normative economics - answer✔The part of economics involving value judgments about what
the economy should be like; focused on which economic goals and policies should be
implemented; policy economics.

Define comparative advantage - answer✔the ability of an individual or group to carry out a
particular economic activity (such as making a specific product) more efficiently than another
activity.

Define absolute advantage - answer✔the ability to produce a good using fewer inputs than
another producer

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 Thebright. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 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
$11.49
  • (0)
  Add to cart