UNH Financial Accounting Final Exam Questions and Answers 100% Solved

UNH Financial Accounting Final Exam

Questions and Answers 100% Solved


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

- Operating Expenses

= Operating Income

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

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, =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 %



10= # days in discount



n= total sales less returns



30= max credit period

Recording Discounts & Returns Entry - ✔✔(D) Accounts Receivable

(C) Sales Revenue

(D) Sales Returns/Allow.


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