OIM 452 EXAM 1 QUESTIONS AND
ANSWERS ALL CORRECT
Which of the following is a key process in financial accounting?
A. Sales order Processing
B. Accounts receivable accounting
C. Credit management
D. Income verification
E. All of the above - Answer-B
Which process is used to manage money owed by customers for goods and services
purchased from the company?
A. General ledger accounting
B. Accounts receivable accounting
C. Fixed asset accounting
D. Bank ledger accounting
E. All of the above - Answer-B
Which process is concerned with recording data associated with bank statements?
A. Bank ledger accounting
B. Fixed asset accounting
C. General ledger accounting
D. Accounts receivable accounting
E. None of the above - Answer-A
________ are internal divisions of an enterprise that are used to define areas of
responsibility or to meet the external reporting requirements of an enterprise segment.
A. Cost center
B. Depreciation areas
C. Business areas
D. Sub-ledgers
E. None of the above - Answer-C
Which term refers to an ordered listing of accounts that comprise a company's general
ledger?
, A. General ledger
B. Balance sheet
C. Bank ledger
D. Chart of accounts (COA)
E. None of the above - Answer-D
Which term represents what a company owns, such as cash, inventory of materials, and
buildings?
A. Liabilities
B. Equity
C. Assets
D. Revenues
E. None of the above - Answer-C
Which term represents what a company owes to others, including money owed to
vendors and loans from financial institutions?
A. Liabilities
B. Equity
C. Assets
D. Revenues
E. None of the above - Answer-A
Which term represents the monies a company earns by selling its products and
services?
A. Liabilities
B. Assets
C. Expenses
D. Revenue
E. equity - Answer-D
Which term represents the costs associated with creating and selling products and
services?
A. Assets
B. Expenses
C. Liabilities
D. Equity
E. None of the above - Answer-B
Which of the following are examples of unplanned goods issues? (3)
A. Issuing materials to scrap
B. Shipping goods to unplanned storage location
ANSWERS ALL CORRECT
Which of the following is a key process in financial accounting?
A. Sales order Processing
B. Accounts receivable accounting
C. Credit management
D. Income verification
E. All of the above - Answer-B
Which process is used to manage money owed by customers for goods and services
purchased from the company?
A. General ledger accounting
B. Accounts receivable accounting
C. Fixed asset accounting
D. Bank ledger accounting
E. All of the above - Answer-B
Which process is concerned with recording data associated with bank statements?
A. Bank ledger accounting
B. Fixed asset accounting
C. General ledger accounting
D. Accounts receivable accounting
E. None of the above - Answer-A
________ are internal divisions of an enterprise that are used to define areas of
responsibility or to meet the external reporting requirements of an enterprise segment.
A. Cost center
B. Depreciation areas
C. Business areas
D. Sub-ledgers
E. None of the above - Answer-C
Which term refers to an ordered listing of accounts that comprise a company's general
ledger?
, A. General ledger
B. Balance sheet
C. Bank ledger
D. Chart of accounts (COA)
E. None of the above - Answer-D
Which term represents what a company owns, such as cash, inventory of materials, and
buildings?
A. Liabilities
B. Equity
C. Assets
D. Revenues
E. None of the above - Answer-C
Which term represents what a company owes to others, including money owed to
vendors and loans from financial institutions?
A. Liabilities
B. Equity
C. Assets
D. Revenues
E. None of the above - Answer-A
Which term represents the monies a company earns by selling its products and
services?
A. Liabilities
B. Assets
C. Expenses
D. Revenue
E. equity - Answer-D
Which term represents the costs associated with creating and selling products and
services?
A. Assets
B. Expenses
C. Liabilities
D. Equity
E. None of the above - Answer-B
Which of the following are examples of unplanned goods issues? (3)
A. Issuing materials to scrap
B. Shipping goods to unplanned storage location
