UNH Financial Accounting Final Exam
Questions and Answers 100% Solved
The Fraud Triangle - ✔✔Opportunity, Rationalization, Incentives
Securities & Exchange Commission (SEC) - ✔✔protecting
investors/maintains integrity the market
Financial Accounting Standards Board (GAAP) - ✔✔Sets generally
accepted accounting principles
Public Company Accounting Oversight Board - ✔✔Auditing standards for
independent auditors (CPAS) of public companies
CEO's & CFO's are responsible for: - ✔✔the information in the financial
statements & disclosures
Long Income Statement Formula - ✔✔Sales
- COGS
= Gross Profit
- Operating Expenses
= Operating Income
+/- Non-operating items (interest exp., interest rev., dep. rev., gains/losses)
1
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
, =Pretax Income
-Tax
= Net Income
Gross Profit % - ✔✔Net Sales - Cost of Sales
Revenue Recognition Principle - ✔✔Revenues are recorded when earned
Destination FOB (Free on Board) - ✔✔Goods changes hands on delivery
Shipping Point FOB (Free on Board) - ✔✔Title of goods changes hands at
shipping date
Sale Discount Formula - ✔✔2/10, n/30
2= discount %
10= # days in discount
n= total sales less returns
30= max credit period
Recording Discounts & Returns Entry - ✔✔(D) Accounts Receivable
(C) Sales Revenue
(D) Sales Returns/Allow.
2
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
Questions and Answers 100% Solved
The Fraud Triangle - ✔✔Opportunity, Rationalization, Incentives
Securities & Exchange Commission (SEC) - ✔✔protecting
investors/maintains integrity the market
Financial Accounting Standards Board (GAAP) - ✔✔Sets generally
accepted accounting principles
Public Company Accounting Oversight Board - ✔✔Auditing standards for
independent auditors (CPAS) of public companies
CEO's & CFO's are responsible for: - ✔✔the information in the financial
statements & disclosures
Long Income Statement Formula - ✔✔Sales
- COGS
= Gross Profit
- Operating Expenses
= Operating Income
+/- Non-operating items (interest exp., interest rev., dep. rev., gains/losses)
1
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
, =Pretax Income
-Tax
= Net Income
Gross Profit % - ✔✔Net Sales - Cost of Sales
Revenue Recognition Principle - ✔✔Revenues are recorded when earned
Destination FOB (Free on Board) - ✔✔Goods changes hands on delivery
Shipping Point FOB (Free on Board) - ✔✔Title of goods changes hands at
shipping date
Sale Discount Formula - ✔✔2/10, n/30
2= discount %
10= # days in discount
n= total sales less returns
30= max credit period
Recording Discounts & Returns Entry - ✔✔(D) Accounts Receivable
(C) Sales Revenue
(D) Sales Returns/Allow.
2
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
