Exam (elaborations)
FMVA Exam Questions & Answers 2024/2025
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FMVA Exam Questions & Answers 2024/2025
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FMVA Exam Questions & Answers2024/2025
Accounts Receivable - ANSWERSAmounts to be received in the future due to the sale of goods or
services
Income Taxes Payable - ANSWERSCorporate taxes for the period that must be remitted to government.
Long-term Debt - ANSWERSBorrowing for business - one or multiple loans where term is longer than 12
months; non-current liability
Contingencies - ANSWERSA potential future liability that the company can reasonably estimate (eg, from
a pending lawsuit)
Property, Plant, and Equipment - ANSWERSPhysical assets used to generate income over a period of time
greater than 12 months. Include things such as buildings, furniture, computers, vehicles, manufacturing
equipment.
Inventory - ANSWERSGoods either purchased or produced for sale to customers.
Current portion of capital lease obligation - ANSWERSThe amount owing over the next 12 months for
capital lease payments.
Cash and Equivalents - ANSWERSCash or items that act like cash (eg, short term money market funds)
that a business holds.
Common Shares/Stock - ANSWERSShares held by investors in the company. These shares allow for voting
rights and participation in profits.
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