CEOE OSAT - Business Education Exam Questions AND Correct Answers
3 Factors of Customer Satisfaction - ✔✔Customer Understanding, Service,
Technology
7 Steps of Payroll - ✔✔1. Set up payroll accounts
2. Calculate taxes and other deductions
3. Gather payroll reports
4. Record payroll expenses
5. Record payables
6. Double-check your records
7. Transition accounting periods
8 Steps of the Accounting Cycle - ✔✔-Identify Transactions
-Record Transactions in a Journal
-Posting
-Unadjusted Trial Balance
-Worksheet
-Adjusting Journal Entries
-Financial Statements
-Closing the Books
Accounting - ✔✔The systematic and detailed recording of financial transactions
of a business.
,Accounting Cycle - ✔✔A collective process of identifying, analyzing, and
recording the accounting events of a company. A standard 8-step process that
begins when a transaction occurs and ends with its inclusion in the financial
statements.
Accounting Equation - ✔✔The idea that a company's total assets are equal to
the sum of its liabilities and its shareholders' equity. The foundation of the
double-entry accounting system.
Accounting Equation Formula - ✔✔Assets = (Liabilities + Owner's Equity)
Accounting Period - ✔✔Established range of time during which accounting
functions are performed, aggregated, and analyzed including a calendar year or
fiscal year.
Accounting Software - ✔✔An application used to record and report financial
information related to assets, liabilities, equity, revenue, and expenses
Accounts receivables - ✔✔Lists the amounts of money owed to the company by
its customers for the sale of its products.
Acquisitions - ✔✔A process by which one company acquires the assets of
another company. One company purchases another.
Adjusting Journal Entries - ✔✔Sixth step of the acc. cycle that are the result of
corrections made on the worksheet and the results from the passage of time.
, Adjusting the General Ledger Inventory Balance - ✔✔After each physical
inventory, adjust the inventory balance to the "actual" balance.
ADKAR Change Management Model - ✔✔Change Model that looks at both the
business and people dimensions of change. Focuses on identification and
evaluation of the reasons why change is working or not.
Awareness, Desire, Knowledge, Ability, Reinforcement.
Age Discrimination Act (1967) - ✔✔Prohibits age discrimination against those
over 40 years of age.
Americans with Disabilities Act (ADA) - ✔✔Legislation passed in 1990 that
prohibits discrimination against people with disabilities. Under this Act,
discrimination against a disabled person is illegal in employment,
transportation, public accommodations, communications and government
activities.
Applications of Quantitative Analysis - ✔✔Project Management, Production
Planning, Marketing, Finance, Purchase and Inventory.
Asset Turnover - ✔✔Total Revenue / Average Total Assets
Shows how effectively a company uses their assets to generate sales.
Assets - ✔✔Resources controlled by the company.
3 Factors of Customer Satisfaction - ✔✔Customer Understanding, Service,
Technology
7 Steps of Payroll - ✔✔1. Set up payroll accounts
2. Calculate taxes and other deductions
3. Gather payroll reports
4. Record payroll expenses
5. Record payables
6. Double-check your records
7. Transition accounting periods
8 Steps of the Accounting Cycle - ✔✔-Identify Transactions
-Record Transactions in a Journal
-Posting
-Unadjusted Trial Balance
-Worksheet
-Adjusting Journal Entries
-Financial Statements
-Closing the Books
Accounting - ✔✔The systematic and detailed recording of financial transactions
of a business.
,Accounting Cycle - ✔✔A collective process of identifying, analyzing, and
recording the accounting events of a company. A standard 8-step process that
begins when a transaction occurs and ends with its inclusion in the financial
statements.
Accounting Equation - ✔✔The idea that a company's total assets are equal to
the sum of its liabilities and its shareholders' equity. The foundation of the
double-entry accounting system.
Accounting Equation Formula - ✔✔Assets = (Liabilities + Owner's Equity)
Accounting Period - ✔✔Established range of time during which accounting
functions are performed, aggregated, and analyzed including a calendar year or
fiscal year.
Accounting Software - ✔✔An application used to record and report financial
information related to assets, liabilities, equity, revenue, and expenses
Accounts receivables - ✔✔Lists the amounts of money owed to the company by
its customers for the sale of its products.
Acquisitions - ✔✔A process by which one company acquires the assets of
another company. One company purchases another.
Adjusting Journal Entries - ✔✔Sixth step of the acc. cycle that are the result of
corrections made on the worksheet and the results from the passage of time.
, Adjusting the General Ledger Inventory Balance - ✔✔After each physical
inventory, adjust the inventory balance to the "actual" balance.
ADKAR Change Management Model - ✔✔Change Model that looks at both the
business and people dimensions of change. Focuses on identification and
evaluation of the reasons why change is working or not.
Awareness, Desire, Knowledge, Ability, Reinforcement.
Age Discrimination Act (1967) - ✔✔Prohibits age discrimination against those
over 40 years of age.
Americans with Disabilities Act (ADA) - ✔✔Legislation passed in 1990 that
prohibits discrimination against people with disabilities. Under this Act,
discrimination against a disabled person is illegal in employment,
transportation, public accommodations, communications and government
activities.
Applications of Quantitative Analysis - ✔✔Project Management, Production
Planning, Marketing, Finance, Purchase and Inventory.
Asset Turnover - ✔✔Total Revenue / Average Total Assets
Shows how effectively a company uses their assets to generate sales.
Assets - ✔✔Resources controlled by the company.
