UHD BCAT Exam with All Correct & 100% Verified
Answers| Actual Complete Exam| Already Graded A+
financial accounting ✔Correct Answer-a system of processing financial data for a company with the
purpose of producing a set of financial statements which investors and creditors can use to make
financial decisions.
financial statements ✔Correct Answer-a short report that disclose information about various
aspects of a company, including the balance sheet, income statement and cash flow statement
Asset ✔Correct Answer-anything of value owned by the company
Balance sheet ✔Correct Answer-measures the company's financial position at a particular point in
time by listing assets and liabilities and showing the difference as owners equity
liability ✔Correct Answer-an obligation to either pay out assets or perform services
owners equity ✔Correct Answer-residual ownership of the assets (assets - liabilities)
income statement ✔Correct Answer-measures company's performance over a given period of time
Accural Accounting ✔Correct Answer-A type of accounting that recognizes incomes when they are
earned and expenses when they are incurred, rather than when they are received or paid.
Expenses ✔Correct Answer-cost of goods sold or serviced performed
four basics of financial statements ✔Correct Answer-income statement (statement of operations)
statement of retained earnings
Balance sheet
Statement of cash flows
Define accounting ✔Correct Answer-The information system that identifies, records, and
communicates the economic events of an organization to interested users.
what are the four forms of businesses ✔Correct Answer-proprietorship, partnership, llc, and
corporation
What is a proprietorship ✔Correct Answer-It is a business owned by one person.
What is a partnership? ✔Correct Answer-An association of two or more persons to carry on a
business for profit as co-owners
what is a limited-liability company ✔Correct Answer-one in which the business is liable for the
company's debts. it can have one owner or many owners.
what is a corporation ✔Correct Answer-a corporation is a business owned by the stockholders or
shareholders who own stock representing shares of ownership in the corporation.
,What is GAAP? ✔Correct Answer-Generally Accepted Accounting Principles by the Financial
Accounting Standards Board (FASB)
What is IFRS ✔Correct Answer-International Financial Reporting Standards
what is an entity ✔Correct Answer-any organization or person that stands apart from other
organizations and individuals as a separate economic unit.
what is the accounting equation ✔Correct Answer-Assets = Liabilities + Owner's Equity
Assets= Liabilities + Stockholder's Equity
Assets = Liabilities + Paid-in capital + Retained earnings
Owners equity = Assets = liabilities
Define revenue ✔Correct Answer-revenue are inflows of resources that increase retained earnings
by delivering goods or services to customers
define dividends ✔Correct Answer-payments of cash from a corporation to its stockholders
what is net income ✔Correct Answer-when total expenses exceed total revenues
what is net loss ✔Correct Answer-When total expenses exceed total revenues
What is the net income formula? ✔Correct Answer-Revenue - Expenses = Net Income
how to measure the gross profit ✔Correct Answer-Service revenue - cost of service
what are the two main categories of assets ✔Correct Answer-current and long-term assets
examples of long-term assets ✔Correct Answer-property, plant, equipment, long-term
investments, and intangible assets
what are intangible assets ✔Correct Answer-assets that have no physical substance but still
represent resources that have a future benefit to the company.
examples of stockholder equity ✔Correct Answer-common stock, additional paid-in capital,
retained earnings, treasury stock, accumulated other comprehensive income
three factors that influence business and accounting decisions ✔Correct Answer-economics, legal,
and ethical
what are the different types of assets ✔Correct Answer-cash, accounts receivable, inventory,
prepaid expenses, investments
examples of liability ✔Correct Answer-accounts payable, notes payable, accrued liabilities.
what is the current ratio equation? ✔Correct Answer-current assets / current liabilities
, Cost of Goods Sold Equation ✔Correct Answer-CGS = Beginning Inventory + Purchases of
merchandise - Ending Inventory
Gross Profit Equation ✔Correct Answer-sales = cost of goods sold = gross profit
Gross profit margin ✔Correct Answer-Gross profit / sales
positive economics ✔Correct Answer-the approach to economic study involving the observation of
economic choices and the prediction of economic events
normative economics ✔Correct Answer-The part of economics involving value judgments about
what the economy should be like; focused on which economic goals and policies should be
implemented; policy economics.
Define comparative advantage ✔Correct Answer-the ability of an individual or group to carry out a
particular economic activity (such as making a specific product) more efficiently than another
activity.
Define absolute advantage ✔Correct Answer-the ability to produce a good using fewer inputs than
another producer
define efficient market ✔Correct Answer-market in which profit opportunities are eliminated
almost instanteously
market-based economy ✔Correct Answer-producers/consumers make up the market and the
market determines the allocations of the resources.
command and control economy ✔Correct Answer-government controls where the resources go
allocative efficiency ✔Correct Answer-produces at the point along its production possibilities curve
that makes consumers as well off as possible
law of demand ✔Correct Answer-the price of a good and the quantity demanded are inversely
related
Shifters of Demand Curve ✔Correct Answer-income, prices of related goods, tastes, expectations,
number of buyers
Law of Supply ✔Correct Answer-producers offer more of a good as its price increases and less as its
price falls
Supply Shifters ✔Correct Answer-cost of production, number of suppliers, natural events,
government regulations.
shortage ✔Correct Answer-demand exceeds supply
surplus ✔Correct Answer-A situation in which quantity supplied is greater than quantity demanded
demand increase is greater than supply increase, new price is ✔Correct Answer-greater than
original
Answers| Actual Complete Exam| Already Graded A+
financial accounting ✔Correct Answer-a system of processing financial data for a company with the
purpose of producing a set of financial statements which investors and creditors can use to make
financial decisions.
financial statements ✔Correct Answer-a short report that disclose information about various
aspects of a company, including the balance sheet, income statement and cash flow statement
Asset ✔Correct Answer-anything of value owned by the company
Balance sheet ✔Correct Answer-measures the company's financial position at a particular point in
time by listing assets and liabilities and showing the difference as owners equity
liability ✔Correct Answer-an obligation to either pay out assets or perform services
owners equity ✔Correct Answer-residual ownership of the assets (assets - liabilities)
income statement ✔Correct Answer-measures company's performance over a given period of time
Accural Accounting ✔Correct Answer-A type of accounting that recognizes incomes when they are
earned and expenses when they are incurred, rather than when they are received or paid.
Expenses ✔Correct Answer-cost of goods sold or serviced performed
four basics of financial statements ✔Correct Answer-income statement (statement of operations)
statement of retained earnings
Balance sheet
Statement of cash flows
Define accounting ✔Correct Answer-The information system that identifies, records, and
communicates the economic events of an organization to interested users.
what are the four forms of businesses ✔Correct Answer-proprietorship, partnership, llc, and
corporation
What is a proprietorship ✔Correct Answer-It is a business owned by one person.
What is a partnership? ✔Correct Answer-An association of two or more persons to carry on a
business for profit as co-owners
what is a limited-liability company ✔Correct Answer-one in which the business is liable for the
company's debts. it can have one owner or many owners.
what is a corporation ✔Correct Answer-a corporation is a business owned by the stockholders or
shareholders who own stock representing shares of ownership in the corporation.
,What is GAAP? ✔Correct Answer-Generally Accepted Accounting Principles by the Financial
Accounting Standards Board (FASB)
What is IFRS ✔Correct Answer-International Financial Reporting Standards
what is an entity ✔Correct Answer-any organization or person that stands apart from other
organizations and individuals as a separate economic unit.
what is the accounting equation ✔Correct Answer-Assets = Liabilities + Owner's Equity
Assets= Liabilities + Stockholder's Equity
Assets = Liabilities + Paid-in capital + Retained earnings
Owners equity = Assets = liabilities
Define revenue ✔Correct Answer-revenue are inflows of resources that increase retained earnings
by delivering goods or services to customers
define dividends ✔Correct Answer-payments of cash from a corporation to its stockholders
what is net income ✔Correct Answer-when total expenses exceed total revenues
what is net loss ✔Correct Answer-When total expenses exceed total revenues
What is the net income formula? ✔Correct Answer-Revenue - Expenses = Net Income
how to measure the gross profit ✔Correct Answer-Service revenue - cost of service
what are the two main categories of assets ✔Correct Answer-current and long-term assets
examples of long-term assets ✔Correct Answer-property, plant, equipment, long-term
investments, and intangible assets
what are intangible assets ✔Correct Answer-assets that have no physical substance but still
represent resources that have a future benefit to the company.
examples of stockholder equity ✔Correct Answer-common stock, additional paid-in capital,
retained earnings, treasury stock, accumulated other comprehensive income
three factors that influence business and accounting decisions ✔Correct Answer-economics, legal,
and ethical
what are the different types of assets ✔Correct Answer-cash, accounts receivable, inventory,
prepaid expenses, investments
examples of liability ✔Correct Answer-accounts payable, notes payable, accrued liabilities.
what is the current ratio equation? ✔Correct Answer-current assets / current liabilities
, Cost of Goods Sold Equation ✔Correct Answer-CGS = Beginning Inventory + Purchases of
merchandise - Ending Inventory
Gross Profit Equation ✔Correct Answer-sales = cost of goods sold = gross profit
Gross profit margin ✔Correct Answer-Gross profit / sales
positive economics ✔Correct Answer-the approach to economic study involving the observation of
economic choices and the prediction of economic events
normative economics ✔Correct Answer-The part of economics involving value judgments about
what the economy should be like; focused on which economic goals and policies should be
implemented; policy economics.
Define comparative advantage ✔Correct Answer-the ability of an individual or group to carry out a
particular economic activity (such as making a specific product) more efficiently than another
activity.
Define absolute advantage ✔Correct Answer-the ability to produce a good using fewer inputs than
another producer
define efficient market ✔Correct Answer-market in which profit opportunities are eliminated
almost instanteously
market-based economy ✔Correct Answer-producers/consumers make up the market and the
market determines the allocations of the resources.
command and control economy ✔Correct Answer-government controls where the resources go
allocative efficiency ✔Correct Answer-produces at the point along its production possibilities curve
that makes consumers as well off as possible
law of demand ✔Correct Answer-the price of a good and the quantity demanded are inversely
related
Shifters of Demand Curve ✔Correct Answer-income, prices of related goods, tastes, expectations,
number of buyers
Law of Supply ✔Correct Answer-producers offer more of a good as its price increases and less as its
price falls
Supply Shifters ✔Correct Answer-cost of production, number of suppliers, natural events,
government regulations.
shortage ✔Correct Answer-demand exceeds supply
surplus ✔Correct Answer-A situation in which quantity supplied is greater than quantity demanded
demand increase is greater than supply increase, new price is ✔Correct Answer-greater than
original
