Module 2. Financial management from 100 with. Complete solutions.
Which of the Following accounting methods. Revenue. When it is collected
and expenses when they are paid
a. cash basis
b. Accrual basis
c. Modified cash basis
d. Modified accrual basis
Answer is a. cash basis
A _occurs when expenses are greater than revenue.
a. Net income.
b. Net loss.
c. Net again
d. net profit
Answer. Net loss.
Which is not one. Of the three major components. Of a Balance sheet.
a. Assets
b. Liabilities
c. . expenses
d. Members Equity.
That’s the correct answer. Is. Expenses.
true or false
True or false?
A CPA’S representation letter describes the nature of the work
Describes the nature of the work To be done. The type of report to
be prepared, the fee for services, the time frame for the
assignment, and the accountant disclaimers.
False. The engagement letter does that.
A_ Is a year end financial report prepared by a CPA without the
assurance that the information conforms to GAP?
a. compilation.
b. Review
c. Review.
d. opinion letter
The correct answer. Is. . Compilation.
, Community associations must file a federal income tax return
every year. True or false? It is true.
Which of the following investment objectives for community
associations refers to the ease of which an investment can be
converted into cash or cash equivalent?
A safety.
liquidity.
The Treasury bills.
Yield.
The correct answer is liquidity.
Each of the following statements regarding commuters
associations assessments are true except.
Assessments penalized residents for violating association
rules.
an assessment is the owners financial obligation to the
community association during a given period of time
An assessment is the owners financial obligation to the
Community Association during a given period of time. an
assessment for owners share of the common expensing is
a binding legal obligation based on the community
association governing documents
An assessment for owners share of the common expenses
is a binding legal obligation based on the Community
Association governing documents.
An annual assessment may be paid on a monthly,
quarterly or annual basis.
The correct answer is. Assessments penalized residents for
violating association rules.
Because the Community Association relies on the timely
collection of assessments in order to meet operating
expense requirements, delinquent payments may result in
each of the following except.
Property beginning to appear Run. down.
budget surplus
Which of the Following accounting methods. Revenue. When it is collected
and expenses when they are paid
a. cash basis
b. Accrual basis
c. Modified cash basis
d. Modified accrual basis
Answer is a. cash basis
A _occurs when expenses are greater than revenue.
a. Net income.
b. Net loss.
c. Net again
d. net profit
Answer. Net loss.
Which is not one. Of the three major components. Of a Balance sheet.
a. Assets
b. Liabilities
c. . expenses
d. Members Equity.
That’s the correct answer. Is. Expenses.
true or false
True or false?
A CPA’S representation letter describes the nature of the work
Describes the nature of the work To be done. The type of report to
be prepared, the fee for services, the time frame for the
assignment, and the accountant disclaimers.
False. The engagement letter does that.
A_ Is a year end financial report prepared by a CPA without the
assurance that the information conforms to GAP?
a. compilation.
b. Review
c. Review.
d. opinion letter
The correct answer. Is. . Compilation.
, Community associations must file a federal income tax return
every year. True or false? It is true.
Which of the following investment objectives for community
associations refers to the ease of which an investment can be
converted into cash or cash equivalent?
A safety.
liquidity.
The Treasury bills.
Yield.
The correct answer is liquidity.
Each of the following statements regarding commuters
associations assessments are true except.
Assessments penalized residents for violating association
rules.
an assessment is the owners financial obligation to the
community association during a given period of time
An assessment is the owners financial obligation to the
Community Association during a given period of time. an
assessment for owners share of the common expensing is
a binding legal obligation based on the community
association governing documents
An assessment for owners share of the common expenses
is a binding legal obligation based on the Community
Association governing documents.
An annual assessment may be paid on a monthly,
quarterly or annual basis.
The correct answer is. Assessments penalized residents for
violating association rules.
Because the Community Association relies on the timely
collection of assessments in order to meet operating
expense requirements, delinquent payments may result in
each of the following except.
Property beginning to appear Run. down.
budget surplus
