MISY 5340 Chapter 3, Exam Questions & Answers ||
Graded A+||LATEST UPDATE 2025/26
_____________ is concered with reording the financial impacts of buisness processes
as they are executed.
A. Management Accounting
B. Finanical Accounting (FI)
C. Controlling (CO)
D. Bank ledger accounting
E. None of the above -CORRECT ANSWER B. Financial Accounting
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 -CORRECT ANSWER B. Accounts recievable accounting
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 -CORRECT ANSWER B. accounts receivable accounting
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 -CORRECT ANSWER A. Bank ledger accounting
_______________ 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 centers
B. Depreciation areas
C. Business areas
D. Sub-ledgers
E. None of the Above -CORRECT ANSWER C. Buisness areas
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
E. None of the above -CORRECT ANSWER D. Chart of accounts
Which term represents what a company owns, such as cash, inventory of materials, and
buildings?
A. Liabiblities
B. Equity
C. Assets
D. Revenues
E. None of the above -CORRECT ANSWER C. Assets
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 -CORRECT ANSWER A. Liabilities
Graded A+||LATEST UPDATE 2025/26
_____________ is concered with reording the financial impacts of buisness processes
as they are executed.
A. Management Accounting
B. Finanical Accounting (FI)
C. Controlling (CO)
D. Bank ledger accounting
E. None of the above -CORRECT ANSWER B. Financial Accounting
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 -CORRECT ANSWER B. Accounts recievable accounting
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 -CORRECT ANSWER B. accounts receivable accounting
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 -CORRECT ANSWER A. Bank ledger accounting
_______________ 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 centers
B. Depreciation areas
C. Business areas
D. Sub-ledgers
E. None of the Above -CORRECT ANSWER C. Buisness areas
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
E. None of the above -CORRECT ANSWER D. Chart of accounts
Which term represents what a company owns, such as cash, inventory of materials, and
buildings?
A. Liabiblities
B. Equity
C. Assets
D. Revenues
E. None of the above -CORRECT ANSWER C. Assets
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 -CORRECT ANSWER A. Liabilities
