BIS 247s Chapter 3 Exam Questions and Correct Answers Latest Update (100% Pass)
___ is concerned with recording the financial impacts of business processes as they are executed. -
Answers Financial Accounting (FI)
Which of the following is a KEY process in financial accounting? - Answers Accounts Receivable
Accounting
Which process is used to manage money owed by customers for goods and services purchased from the
company? - Answers Accounts receivable accounting
Which process is concerned with recording data associated with bank statements? - Answers Bank
ledger accounting
____ are internal divisions of an enterprise that are used to define areas of responsibility or to meet the
external requirements of an enterprise segment. - Answers Business Areas
Which term refers to an ordered listing of accounts that comprise a company's general ledger? -
Answers Chart of Accounts (COA)
Which term represents what a company owns, such as cash, inventory of materials, and buildings? -
Answers Assets
Which term represents what a company owes to others, including money owed to vendors and loans
from financial institutions - Answers Liabilities
Which term represents the monies a company earns by selling its products and services? - Answers
Revenue
Which term represents the costs associated with creating and selling products and services? - Answers
Expenses
Which element is not part of the typical company code data in general ledger accounts? - Answers None
of the above (tax related data, field status groups, line item display, reconciliation account data)
Which term is a general ledger account that consolidates data from a group of related sub-ledger
accounts? - Answers Reconciliation account
Which of the following records the impact of a transaction step on financial accounting? - Answers
Financial accounting document
Which of the following is used to implement multiple ledgers and use each ledger for different
purposes? - Answers Parallel Accounting
Which type of asset has a physical form? - Answers Tangible asset
Which type of asset has a non-physical form? - Answers Intangible Asset
___ is concerned with recording the financial impacts of business processes as they are executed. -
Answers Financial Accounting (FI)
Which of the following is a KEY process in financial accounting? - Answers Accounts Receivable
Accounting
Which process is used to manage money owed by customers for goods and services purchased from the
company? - Answers Accounts receivable accounting
Which process is concerned with recording data associated with bank statements? - Answers Bank
ledger accounting
____ are internal divisions of an enterprise that are used to define areas of responsibility or to meet the
external requirements of an enterprise segment. - Answers Business Areas
Which term refers to an ordered listing of accounts that comprise a company's general ledger? -
Answers Chart of Accounts (COA)
Which term represents what a company owns, such as cash, inventory of materials, and buildings? -
Answers Assets
Which term represents what a company owes to others, including money owed to vendors and loans
from financial institutions - Answers Liabilities
Which term represents the monies a company earns by selling its products and services? - Answers
Revenue
Which term represents the costs associated with creating and selling products and services? - Answers
Expenses
Which element is not part of the typical company code data in general ledger accounts? - Answers None
of the above (tax related data, field status groups, line item display, reconciliation account data)
Which term is a general ledger account that consolidates data from a group of related sub-ledger
accounts? - Answers Reconciliation account
Which of the following records the impact of a transaction step on financial accounting? - Answers
Financial accounting document
Which of the following is used to implement multiple ledgers and use each ledger for different
purposes? - Answers Parallel Accounting
Which type of asset has a physical form? - Answers Tangible asset
Which type of asset has a non-physical form? - Answers Intangible Asset
