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ETS MFT Business Exam Version 2 Newest 2026/2027
Complete All Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+||Just Out!!!
_______________ the practice of substituting an expected cost
for an actual cost in the accounting records. Subsequently,
variances are recorded to show the difference between the
expected and actual costs.
a. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANSWER-d. Standard Costing
In the statement of cash flows, the section for cash flows from
operating activities will include which of the following?
a. dividends paid
b. issuance of common stock
c. decrease in accounts payable
d. purchase of a building financed entirely by a mortgage -
ANSWER-c. decrease in accounts payable
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________________ measures how well a company generates
cash to pay its debt obligations, fund its operating expenses,
and fund investments.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-b. cash flow statement (CFS)
________________is a financial statement that reports a
company's assets, liabilities, and shareholders' equity at a
specific point in time, and provides a basis for computing rates
of return and evaluating its capital structure. It provides a
snapshot of what a company owns and owes, as well as the
amount invested by shareholders.
a. balance statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-d. Balance Sheet
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_____________, also known as the profit and loss statement or
the statement of revenue and expense, the __________
primarily focuses on the company's revenues and expenses
during a particular period.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-c. income statements
________________ are written records that convey the
business activities and the financial performance of a company.
________________ are often audited by government agencies,
accountants, firms, etc. to ensure accuracy and for tax,
financing, or investing purposes.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-a. financial statements
Net income.......................................... $100,000
ETS MFT Business Exam Version 2 Newest 2026/2027
Complete All Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+||Just Out!!!
_______________ the practice of substituting an expected cost
for an actual cost in the accounting records. Subsequently,
variances are recorded to show the difference between the
expected and actual costs.
a. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANSWER-d. Standard Costing
In the statement of cash flows, the section for cash flows from
operating activities will include which of the following?
a. dividends paid
b. issuance of common stock
c. decrease in accounts payable
d. purchase of a building financed entirely by a mortgage -
ANSWER-c. decrease in accounts payable
,2|Page
________________ measures how well a company generates
cash to pay its debt obligations, fund its operating expenses,
and fund investments.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-b. cash flow statement (CFS)
________________is a financial statement that reports a
company's assets, liabilities, and shareholders' equity at a
specific point in time, and provides a basis for computing rates
of return and evaluating its capital structure. It provides a
snapshot of what a company owns and owes, as well as the
amount invested by shareholders.
a. balance statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-d. Balance Sheet
, 3|Page
_____________, also known as the profit and loss statement or
the statement of revenue and expense, the __________
primarily focuses on the company's revenues and expenses
during a particular period.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-c. income statements
________________ are written records that convey the
business activities and the financial performance of a company.
________________ are often audited by government agencies,
accountants, firms, etc. to ensure accuracy and for tax,
financing, or investing purposes.
a. financial statements
b. cash flow statement (CFS)
c. income statements
d. balance sheet - ANSWER-a. financial statements
Net income.......................................... $100,000
