BUSN 410 WEEK 8 FINAL EXAM
EXAMINATION TEST 2026 COMPLETE
QUESTIONS WITH SOLUTIONS GRADED A+
⩥ Financial Accounting. Answer: Accounting that focuses on preparing
external financial reports that are used by outsiders such as lenders,
suppliers, investors, and government agencies to assess the financial
strength of a business.
⩥ Managerial Accounting. Answer: Accounting that provides financial
information that mangers inside the organization can use to evaluate and
make decision about current and future operations.
⩥ Auditing. Answer: The process of reviewing the records used to
prepare financial statements and issuing a formal auditor's opinion
indicating whether the statements have been prepared in accordance with
accepted accounting rules
⩥ Balance Sheet. Answer: A financial statement that summarizes a firm's
financial position at a specific point in time.
⩥ Assets. Answer: Things of value owned by a firm.
, ⩥ Liabilities. Answer: What a firm owes to its creditors; also called
debts.
⩥ Owners' Equity. Answer: The total amount of investment in the firm
minus any liabilities; also called net worth. Includes owners' investments
(stock issued for a public company), net income, minus dividends since
the inception of the company.
⩥ Accounting Equation. Answer: Assets = Liabilities + Owners' Equity
⩥ Income Statement. Answer: A financial statement that summarizes a
firm's revenues and expenses and shows its total profit or loss over a
period of time.
⩥ Revenues. Answer: The dollar amount of a firm's sales plus any other
income it received from sources such as interest, dividends, and rents.
⩥ Expenses. Answer: The costs of generating revenues.
⩥ Cost of Goods Sold (COGS). Answer: The total expense of buying or
producing a firm's goods or services.
⩥ Gross Profit. Answer: The amount a company earns after paying to
produce or buy its products but before deducting operating expenses.
EXAMINATION TEST 2026 COMPLETE
QUESTIONS WITH SOLUTIONS GRADED A+
⩥ Financial Accounting. Answer: Accounting that focuses on preparing
external financial reports that are used by outsiders such as lenders,
suppliers, investors, and government agencies to assess the financial
strength of a business.
⩥ Managerial Accounting. Answer: Accounting that provides financial
information that mangers inside the organization can use to evaluate and
make decision about current and future operations.
⩥ Auditing. Answer: The process of reviewing the records used to
prepare financial statements and issuing a formal auditor's opinion
indicating whether the statements have been prepared in accordance with
accepted accounting rules
⩥ Balance Sheet. Answer: A financial statement that summarizes a firm's
financial position at a specific point in time.
⩥ Assets. Answer: Things of value owned by a firm.
, ⩥ Liabilities. Answer: What a firm owes to its creditors; also called
debts.
⩥ Owners' Equity. Answer: The total amount of investment in the firm
minus any liabilities; also called net worth. Includes owners' investments
(stock issued for a public company), net income, minus dividends since
the inception of the company.
⩥ Accounting Equation. Answer: Assets = Liabilities + Owners' Equity
⩥ Income Statement. Answer: A financial statement that summarizes a
firm's revenues and expenses and shows its total profit or loss over a
period of time.
⩥ Revenues. Answer: The dollar amount of a firm's sales plus any other
income it received from sources such as interest, dividends, and rents.
⩥ Expenses. Answer: The costs of generating revenues.
⩥ Cost of Goods Sold (COGS). Answer: The total expense of buying or
producing a firm's goods or services.
⩥ Gross Profit. Answer: The amount a company earns after paying to
produce or buy its products but before deducting operating expenses.
