NAB FINANCE & BUSINESS PRACTICE
EXAM QUESTIONS WITH UPDATED
CORRECT ANSWERS.
The,new,accountant,informs,the,administrator,that,to,simplify,things,,he,has,incorporated,all,purchases
,that,will,be,paid,for,the,next,few,years,into,the,accounts,payable,journal.,The,administrator,should,__
___.,,ANS,-,,c.,begin,a,search,for,a,new,accountant
The,administrator,seeks,to,be,licensed,without,having,to,meet,all,the,conditions,new,entrants,would,h
ave,to,meet.,He/she,seeks,to,be,______.,,ANS,-,,grandpersoned
Normally,,courts,of,appeal,do,not,have,_____.,,ANS,-,,original,jurisdiction.
The,administrator,decides,to,offer,newer,forms,of,physical,therapy,that,reduce,use,of,currently,used,p
hysical,therapy,methods.,He/she,has,______,the,current,methods.,,ANS,-,,cannibalized
Annually,,or,more,often,,inventory,,to,determine,beginning,inventory,,should,be,______.,,ANS,-
,,c.,physically,counted
The,quick,ratio,analysis,of,current,assets,is,______,the,current,ratio.,,ANS,-,,more,rigorous,than.
is,a,measure,of,how,well,a,company,can,meet,its,short-term,financial,liabilities.,,ANS,-
,,quick,ratio,analysis,-,Also,known,as,the,acid-
test,ratio,,it,can,be,calculated,as,follows:,(Cash,+,Marketable,Securities,+,Accounts,Receivable),/,Curren
t,Liabilities.
a,liquidity,and,efficiency,ratio,that,measures,a,firm's,ability,to,pay,off,its,short-
term,liabilities,with,its,current,assets.,It,is,an,important,measure,of,liquidity,because,short-
term,liabilities,are,due,within,the,next,year.,,ANS,-,,current,ratio
The,main,difference,between,the,current,ratio,and,the,quick,ratio,,ANS,-
,,Quick,Ratio,offers,a,more,conservative,view,of,the,company's,ability,to,meets,its,short-
, term,liabilities,with,its,short-
term,assets,because,it,does,not,include,inventory,and,other,current,assets,that,are,more,difficult,to,liq
uidate
An,accounting,principle,requiring,the,facility,to,correspond,the,revenues,it,earns,in,a,given,period,to,th
e,expenses,it,incurred,during,that,same,period,is,the,______.,,ANS,-,,d.,matching,principle
is,the,general,concept,of,recognizing,expenses,and,liabilities,as,soon,as,possible,when,there,is,uncertai
nty,about,the,outcome,,but,to,only,recognize,revenues,and,assets,when,they,are,assured,of,being,recei
ved.,,ANS,-,,The,conservatism,principle
refers,to,the,ability,for,financial,statements,,footnotes,and/or,supplemental,schedules,to,provide,a,co
mprehensive,and,clear,description,of,a,company's,financial,position.,,ANS,-
,,Adequate,disclosure,principle
states,that,an,accounting,standard,can,be,ignored,if,the,net,impact,of,doing,so,has,such,a,small,impact,
on,the,financial,statements,that,a,reader,of,the,financial,statements,would,not,be,misled.,,ANS,-
,,The,materiality,principle
The,chain,"buys,back",a,portion,of,its,outstanding,stock,by,giving,one,new,share,in,place,of,each,four,p
reviously,held,shares.,The,chain,has,accomplished,a/an,______.,,ANS,-,,a.,reverse,split
In,general,,the,ownership,patterns,for,U.S.,nursing,facilities,in,1999,_____.,,ANS,-
,,c.,varied,widely,from,state,to,state
The,accrual,accounting,approach,matches,revenues,and,expenses,______.,,ANS,-,,for,each,time,period.
A,verdict,,given,by,a,jury,at,the,direction,of,a,judge,is,known,as,______.,,ANS,-,,b.,directed,verdict
is,a,pre-
trial,procedure,in,a,lawsuit,in,which,each,party,,through,the,law,of,civil,procedure,,can,obtain,evidence
,from,the,other,party,or,parties,by,a,request,for,answers,to,interrogatories,,request,for,production,of,d
ocuments,,request,for,admissions,and,depositions.,Discovery,can,be,obtained,from,non-
parties,using,subpoenas.,,ANS,-,,discovery
EXAM QUESTIONS WITH UPDATED
CORRECT ANSWERS.
The,new,accountant,informs,the,administrator,that,to,simplify,things,,he,has,incorporated,all,purchases
,that,will,be,paid,for,the,next,few,years,into,the,accounts,payable,journal.,The,administrator,should,__
___.,,ANS,-,,c.,begin,a,search,for,a,new,accountant
The,administrator,seeks,to,be,licensed,without,having,to,meet,all,the,conditions,new,entrants,would,h
ave,to,meet.,He/she,seeks,to,be,______.,,ANS,-,,grandpersoned
Normally,,courts,of,appeal,do,not,have,_____.,,ANS,-,,original,jurisdiction.
The,administrator,decides,to,offer,newer,forms,of,physical,therapy,that,reduce,use,of,currently,used,p
hysical,therapy,methods.,He/she,has,______,the,current,methods.,,ANS,-,,cannibalized
Annually,,or,more,often,,inventory,,to,determine,beginning,inventory,,should,be,______.,,ANS,-
,,c.,physically,counted
The,quick,ratio,analysis,of,current,assets,is,______,the,current,ratio.,,ANS,-,,more,rigorous,than.
is,a,measure,of,how,well,a,company,can,meet,its,short-term,financial,liabilities.,,ANS,-
,,quick,ratio,analysis,-,Also,known,as,the,acid-
test,ratio,,it,can,be,calculated,as,follows:,(Cash,+,Marketable,Securities,+,Accounts,Receivable),/,Curren
t,Liabilities.
a,liquidity,and,efficiency,ratio,that,measures,a,firm's,ability,to,pay,off,its,short-
term,liabilities,with,its,current,assets.,It,is,an,important,measure,of,liquidity,because,short-
term,liabilities,are,due,within,the,next,year.,,ANS,-,,current,ratio
The,main,difference,between,the,current,ratio,and,the,quick,ratio,,ANS,-
,,Quick,Ratio,offers,a,more,conservative,view,of,the,company's,ability,to,meets,its,short-
, term,liabilities,with,its,short-
term,assets,because,it,does,not,include,inventory,and,other,current,assets,that,are,more,difficult,to,liq
uidate
An,accounting,principle,requiring,the,facility,to,correspond,the,revenues,it,earns,in,a,given,period,to,th
e,expenses,it,incurred,during,that,same,period,is,the,______.,,ANS,-,,d.,matching,principle
is,the,general,concept,of,recognizing,expenses,and,liabilities,as,soon,as,possible,when,there,is,uncertai
nty,about,the,outcome,,but,to,only,recognize,revenues,and,assets,when,they,are,assured,of,being,recei
ved.,,ANS,-,,The,conservatism,principle
refers,to,the,ability,for,financial,statements,,footnotes,and/or,supplemental,schedules,to,provide,a,co
mprehensive,and,clear,description,of,a,company's,financial,position.,,ANS,-
,,Adequate,disclosure,principle
states,that,an,accounting,standard,can,be,ignored,if,the,net,impact,of,doing,so,has,such,a,small,impact,
on,the,financial,statements,that,a,reader,of,the,financial,statements,would,not,be,misled.,,ANS,-
,,The,materiality,principle
The,chain,"buys,back",a,portion,of,its,outstanding,stock,by,giving,one,new,share,in,place,of,each,four,p
reviously,held,shares.,The,chain,has,accomplished,a/an,______.,,ANS,-,,a.,reverse,split
In,general,,the,ownership,patterns,for,U.S.,nursing,facilities,in,1999,_____.,,ANS,-
,,c.,varied,widely,from,state,to,state
The,accrual,accounting,approach,matches,revenues,and,expenses,______.,,ANS,-,,for,each,time,period.
A,verdict,,given,by,a,jury,at,the,direction,of,a,judge,is,known,as,______.,,ANS,-,,b.,directed,verdict
is,a,pre-
trial,procedure,in,a,lawsuit,in,which,each,party,,through,the,law,of,civil,procedure,,can,obtain,evidence
,from,the,other,party,or,parties,by,a,request,for,answers,to,interrogatories,,request,for,production,of,d
ocuments,,request,for,admissions,and,depositions.,Discovery,can,be,obtained,from,non-
parties,using,subpoenas.,,ANS,-,,discovery
