UNH Financial Accounting Final Exam Questions With Solutions 100% Correct

UNH Financial Accounting Final Exam
Questions With Solutions 100% Correct

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

, UNH Financial Accounting Final Exam
Questions With Solutions 100% Correct
- Operating Expenses

= Operating Income

+/- Non-operating items (interest exp., interest rev., dep. rev., gains/losses)

=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 %