NAB FINANCIAL MANAGEMENT
SECTION PRACTICE EXAM QUESTIONS
WITH 100% SOLVED ANSWERS!!
1 of 29
Term
The Generally Accepted Accounting Practices (GAAP) do
not normally require financial statements prepared for
general distribution to include:
1) income statement, or profit/loss statement
2)balance sheet, or statement of financial position
3) statement of changes in financial position
4) chart of accounts
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, 3 1
2 4
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2 of 29
Term
Upon discovering that the new accountant had set the actual
purchase price paid (e.g. no tax, delivery or similar costs) for the
assets to be depreciated, the facility administrator would normally
feel the accountant was:
1) sharp and on the ball
2)not serving the facility well
3) overestimating historical costs
4) doing ok, all things considered
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4 3
1 2
Don't know?
3 of 29
, Term
Funds that have been put into the facility by owners or others, and
retained earnings that have been put back into the facility are usually
included when calculating the:
1) net worth
2)bottom line
3) final value
4) financial liabilities
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1 3
4 2
Don't know?
4 of 29
Term
Assets that can be capitalized or depreciated differ from the other
assets of a facility in that they are used in operations for more than
______ and will not be converted into _______ within the year
1) one time period
2)two time periods
3) balance sheet period
4) three years
SECTION PRACTICE EXAM QUESTIONS
WITH 100% SOLVED ANSWERS!!
1 of 29
Term
The Generally Accepted Accounting Practices (GAAP) do
not normally require financial statements prepared for
general distribution to include:
1) income statement, or profit/loss statement
2)balance sheet, or statement of financial position
3) statement of changes in financial position
4) chart of accounts
Give this one a try later!
, 3 1
2 4
Don't know?
2 of 29
Term
Upon discovering that the new accountant had set the actual
purchase price paid (e.g. no tax, delivery or similar costs) for the
assets to be depreciated, the facility administrator would normally
feel the accountant was:
1) sharp and on the ball
2)not serving the facility well
3) overestimating historical costs
4) doing ok, all things considered
Give this one a try later!
4 3
1 2
Don't know?
3 of 29
, Term
Funds that have been put into the facility by owners or others, and
retained earnings that have been put back into the facility are usually
included when calculating the:
1) net worth
2)bottom line
3) final value
4) financial liabilities
Give this one a try later!
1 3
4 2
Don't know?
4 of 29
Term
Assets that can be capitalized or depreciated differ from the other
assets of a facility in that they are used in operations for more than
______ and will not be converted into _______ within the year
1) one time period
2)two time periods
3) balance sheet period
4) three years
