BBA Exit Exam UNF Questions With Answers
@ 2024
Balance Sheet
Describes financial condition of firm AT A POINT IN TIME
Equity
AKA Net assets | = Assets - Liabilities
Income Statement
Describes operations OVER A PERIOD OF TIME | Revenues, Expenses, Income, Gains, Losses
Statement of Equity
bridge between income statement and balance sheet | Arrangement depends on type of organization
Partnership Statement of equity
Statement of partners equity
Corporation Statement of equity
Statement of stockholders equity
Statement of Cash Flows
Provides info of company's cash receipts and payments
Cash Basis Accounting
Recorded in accounting period that payment is received or given.
Accrual Basis
Recorded in accounting period which payment is earned.
Straight Line Depreciation
Equal amounts of depr. recorded in each period.
Double Declining Balance
More Depr. is recorded in early periods.
Basic Inventory Equation
Beg Inv + Purchases = Goods Available for Sale - Ending Inv = COGS
Periodic Inventory System
Transactions recorded at end of accounting period.
Perpetual Inventory System
Transactions recorded when Merch is recieved.
, FIFO
Oldest items sold first
LIFO
Newest item sold first
Average Cost
Ending inventory units costed using an average cost of goods available divided by the units available.
Specific Identification
Items are tagged with their cost
GAAP
Generally Accepted Accounting Principles
Securities Act of 1935
Est. SEC to create rules, standards and procedures used to amount for transactions and events.
Management Accounting
Concerned with preparing info used by management to plan.
Cost Accounting
Concerned with the cost of a product or service.
4 Types of Costs
Product, Period, Direct, Indirect
Product Cost
Cost involved in manufacturing.
Period Cost
Non-Product costs like admin costs.
Direct Cost
Easily traceable to cost of product
Indirect Cost
Supports more than one product. (electricity at soap plant)
Three Major Product Cost
Direct Material, Direct Labor, Overhead
@ 2024
Balance Sheet
Describes financial condition of firm AT A POINT IN TIME
Equity
AKA Net assets | = Assets - Liabilities
Income Statement
Describes operations OVER A PERIOD OF TIME | Revenues, Expenses, Income, Gains, Losses
Statement of Equity
bridge between income statement and balance sheet | Arrangement depends on type of organization
Partnership Statement of equity
Statement of partners equity
Corporation Statement of equity
Statement of stockholders equity
Statement of Cash Flows
Provides info of company's cash receipts and payments
Cash Basis Accounting
Recorded in accounting period that payment is received or given.
Accrual Basis
Recorded in accounting period which payment is earned.
Straight Line Depreciation
Equal amounts of depr. recorded in each period.
Double Declining Balance
More Depr. is recorded in early periods.
Basic Inventory Equation
Beg Inv + Purchases = Goods Available for Sale - Ending Inv = COGS
Periodic Inventory System
Transactions recorded at end of accounting period.
Perpetual Inventory System
Transactions recorded when Merch is recieved.
, FIFO
Oldest items sold first
LIFO
Newest item sold first
Average Cost
Ending inventory units costed using an average cost of goods available divided by the units available.
Specific Identification
Items are tagged with their cost
GAAP
Generally Accepted Accounting Principles
Securities Act of 1935
Est. SEC to create rules, standards and procedures used to amount for transactions and events.
Management Accounting
Concerned with preparing info used by management to plan.
Cost Accounting
Concerned with the cost of a product or service.
4 Types of Costs
Product, Period, Direct, Indirect
Product Cost
Cost involved in manufacturing.
Period Cost
Non-Product costs like admin costs.
Direct Cost
Easily traceable to cost of product
Indirect Cost
Supports more than one product. (electricity at soap plant)
Three Major Product Cost
Direct Material, Direct Labor, Overhead
