OMSA MGT 8803 Financial
Accounting Summer 2025 |
Questions & Answers | Grade A |
100% Correct
Description
This MGT 8803 Financial Accounting features a fair,, proctored exam
focused on core, foundational,, and,,,, concepts, and, ,,,, application,. The
exam typically covers accrual accounting, revenue recognition,, ,, , , the
three main financial statements (Balance Sheet, Income Statement,
Cash Flow), and uses, ,,, , , self-assessment questions as the primary
study guide.
Key Exam Details
Format: Proctored, Study Guide Terms & Complete Definitions,
Focus Areas:
Accrual Accounting: Recognizing revenues/expenses when
earned/incurred, not just cash movement.
Financial Statements: Understanding how to build and interpret the
Income Statement, Balance Sheet, and Statement of Cash Flows.
Key Concepts:
Inventory valuation, accounts receivable, and depreciation.
The exam requires understanding how different transactions affect the
overall financial position of a firm.
Ultimate Guide for YR. 2026/2027
1
, Quiz_________________?
GAAP stands for -
Answer☑️
Generally Accepted Accounting Principles
Quiz_________________?
Two most important financial statements -
Answer☑️
balance sheet and income statement
Quiz_________________?
Balance sheet -
Answer☑️
A financial statement that reports assets, liabilities, and owner's
equity on a specific date. How assets were gained, where they
came from
Made up of Total Assets, Liabilities, and owners equity
Quiz_________________?
2
, Assets -
Answer☑️
Economic resources that are expected to have future economic
benefit. On company balance sheet. Have to be measurable
Quiz_________________?
Historical cost -
Answer☑️
cost of last sale. objective
Quiz_________________?
market value -
Answer☑️
projected cost based on sale price and other factors. useful but
not objective
Quiz_________________?
Liabilities -
Answer☑️
3
, Future obligations to pay cash, transfer assets, or provide
services. On balance sheet.
Quiz_________________?
Owners equity -
Answer☑️
ownership interest in the net asset of an entity. What owners have
given to the firm.
Quiz_________________?
Accounting equation -
Answer☑️
Assets = Liabilities + Owner's Equity
OR
Uses of funds = Sources of funds
The reason balance sheets balance
Quiz_________________?
Current Asset -
Answer☑️
4
Accounting Summer 2025 |
Questions & Answers | Grade A |
100% Correct
Description
This MGT 8803 Financial Accounting features a fair,, proctored exam
focused on core, foundational,, and,,,, concepts, and, ,,,, application,. The
exam typically covers accrual accounting, revenue recognition,, ,, , , the
three main financial statements (Balance Sheet, Income Statement,
Cash Flow), and uses, ,,, , , self-assessment questions as the primary
study guide.
Key Exam Details
Format: Proctored, Study Guide Terms & Complete Definitions,
Focus Areas:
Accrual Accounting: Recognizing revenues/expenses when
earned/incurred, not just cash movement.
Financial Statements: Understanding how to build and interpret the
Income Statement, Balance Sheet, and Statement of Cash Flows.
Key Concepts:
Inventory valuation, accounts receivable, and depreciation.
The exam requires understanding how different transactions affect the
overall financial position of a firm.
Ultimate Guide for YR. 2026/2027
1
, Quiz_________________?
GAAP stands for -
Answer☑️
Generally Accepted Accounting Principles
Quiz_________________?
Two most important financial statements -
Answer☑️
balance sheet and income statement
Quiz_________________?
Balance sheet -
Answer☑️
A financial statement that reports assets, liabilities, and owner's
equity on a specific date. How assets were gained, where they
came from
Made up of Total Assets, Liabilities, and owners equity
Quiz_________________?
2
, Assets -
Answer☑️
Economic resources that are expected to have future economic
benefit. On company balance sheet. Have to be measurable
Quiz_________________?
Historical cost -
Answer☑️
cost of last sale. objective
Quiz_________________?
market value -
Answer☑️
projected cost based on sale price and other factors. useful but
not objective
Quiz_________________?
Liabilities -
Answer☑️
3
, Future obligations to pay cash, transfer assets, or provide
services. On balance sheet.
Quiz_________________?
Owners equity -
Answer☑️
ownership interest in the net asset of an entity. What owners have
given to the firm.
Quiz_________________?
Accounting equation -
Answer☑️
Assets = Liabilities + Owner's Equity
OR
Uses of funds = Sources of funds
The reason balance sheets balance
Quiz_________________?
Current Asset -
Answer☑️
4
