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ACCREDITED RESIDENTIAL MANAGER - ARM CERTIFICATION PRACTICE EXAMINATION Questions with Correct Answers (Grade A+) Question 1: Annual Debt Service (ADS). Answer: Payments on principle or interest of mortgage/loans each year. Question 2: The amount of rent paid after deducting negotiated concessions such as one month's free rent is called ( A. scheduled rent.( B. effective rent.( C. nominal rent.( D. net rent. Answer: Your answer: (B) is correct. The effective rent is the amount of r...

Accredited Test Bank Questions with Correct Answers (Grade A+) Question 1: The 3 Areas of Finance Answer: 1. (1) Financial management 2. (2) Capital markets 3. (3) Investments Question 2: Financial Management Answer: Decisions relating to how much and what types of assets to acquire, how to raise the capital needed to purchase assets, and how to run the firm so as to maximize its value. *also named Corporate Finance Question 3: Capital markets Answer: The markets where interest rates, ...

Accredited Test Bank Questions with Correct Answers (Grade A+) Question 1: Statement of Cash Flows (format) Answer: Operating, Investing, and Financial activities Question 2: NOPAT (Net Operating Profit After Tax) Answer: EBIT(1-T) Question 3: NOWC (Net Operating Working Capital) Answer: (cash+AR+Inventory)- (AP+Accruals) Question 4: Treasury Stock Method Answer: ((AMP-X)/AMP)*N Question 5: When the Firm sells stock to the public at large Answer: IPO (Initial public Offering) Question...

Accredited Test Bank Questions with Correct Answers (Grade A+) Question 1: Which one of the following actions by a financial manager is the most apt to create an agency problem? Answer: Increasing current profits when doing so lowers the value of the firm's equity. Question 2: Which one of the following is a capital structure decision? Answer: determining how much debt should be assumed to fund a project Question 3: Which one of the following terms is defined as the mixture of a firms d...

Accredited Test Bank Questions with Correct Answers (Grade A+) Question 1: Three Components of Finance Answer: 1. Capital Budgeting 2. Capital Structure 3. Working Capital Management Question 2: What are we going to put our money into? What investments should the firm undertake? The decision making process used to analyze potential investments in fixed assets. Ex: Introducing a product to a firm. Answer: Capital Budgeting Question 3: How should the firm raise money to fund these long t...

Accredited Test Bank Questions with Correct Answers (Grade A+) Question 1: Identify the major policy-setting bodies and their role in the standard- setting process. Answer: a. The Securities and Exchange Commission (SEC) -- a federal agency which is capable of prescribing, in whatever detail it desires, the accounting standards to be employed by companies that fall within its jurisdiction. b. The American Institute of Certified Public Accountants (AICPA) -- issues standards through its comm...

ACCOUNTING PRINCIPLES VOLUME 1 STUDY GUIDE AND FINANCIAL ACCOUNTING BASICS REVIEW Questions with Correct Answers (Grade A+) Question 1: Financial Accounting. Answer: The field of accounting that focuses on providing information for external decision makers. Question 2: Managerial Accounting. Answer: The field of accounting that focuses on providing information for internal decision makers. Question 3: Creditor. Answer: Any person or business to whom a business owes money. Question 4: Ce...

ACCOUNTING PRINCIPLES VOLUME 1 Questions with Correct Answers (Grade A+) Question 1: Stockholders' Equity. Answer: Owner's claim after liabilities are settled. Question 2: Ethical Decision-Making. Answer: Process of evaluating decisions based on ethics. Question 3: Ethical Decision-Making. Answer: Consider obligations to affected parties before deciding. Question 4: Relevance in Financial Reporting. Answer: Information that can impact decision-making processes. Question 5: Faithf...

ACCOUNTING PRINCIPLES 14TH EDITION BY JERRY J EXAM PREP Questions with Correct Answers (Grade A+) Question 1: Business Entity Assumption. Answer: Means that a business is accounted for separately from other business entities, including its owner. Question 2: Comparability. Answer: Different companies may use different accounting methods, there is still sufficient basis for valid comparison Question 3: Select the accounting method that is least likely to overstate revenue and understate e...

ACCOUNTING PRINCIPLES 14TH EDITION BY JERRY J ACTUAL TEST Questions with Correct Answers (Grade A+) Question 1: What steps are performed at the end of each accounting period? Answer: Adjusting Entries, Prepare Financial Statements, Close Temporary Accounts. Question 2: What two questions should be asked to determine if a transaction should be recorded? Answer: Has a financial statement element been affected? Can the event be measured reliably? Question 3: What are the five main categories ...

ACCOUNTING PRINCIPLES 14TH EDITION BY JERRY J FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: What is the purpose of the FASB Conceptual Framework? Answer: To support the development of accounting standards and provide a consistent body of thought for financial reporting. Question 2: What does it mean if the omission or misstatement of information could influence a decision? Answer: The information is said to be relevant. Question 3: What are the two fundamental charact...

ACCOUNTING PRINCIPLES 14TH EDITION BY JERRY J EXAMINATION TEST Questions with Correct Answers (Grade A+) Question 1: What is net income? Answer: The difference between revenues and expenses. Question 2: What is the purpose of the statement of stockholders' equity? Answer: To summarize changes in stockholders' equity over a period of time. Question 3: What does a balance sheet present? Answer: The financial position of the company on a specific date. Question 4: What are the compone...

ACCOUNTING PRINCIPLES 9TH EDITION CANADIAN VOLUME 2 JERRY WEYGANDT DONALD KIESO PAUL KIMMEL TRENHOLM Questions with Correct Answers (Grade A+) Question 1: Accounting Answer: Consists of three basic activities—it identifies, records, and communicates the economic events of an organization to interested users. Question 2: Identify, record and communicate the economic events of an organization Answer: The 3 basic activities of accounting Question 3: Identify Answer: The starting point to...

ACCOUNTING PRINCIPLES 9TH EDITION CANADIAN VOLUME 2 JERRY WEYGANDT DONALD KIESO PAUL KIMMEL TRENHOLM Questions with Correct Answers (Grade A+) Question 1: Recordkeeping Answer: Part of accounting that involves recording transactions and events, either manually or electronically; also called bookkeeping. Question 2: bookkeeping Answer: the recording of business transactions Question 3: External Users Answer: Persons using accounting information who are not directly involved in running th...

ACCOUNTING PRINCIPLES 9TH EDITION CANADIAN VOLUME 2 JERRY WEYGANDT DONALD KIESO PAUL KIMMEL TRENHOLM Questions with Correct Answers (Grade A+) Question 1: Accounts Receivable Answer: Amounts due from customers for credit sales. Question 2: Bad Debts Answer: Accounts of customers who do not pay what they promised to pay. Question 3: Direct Write-off Method Answer: Recording uncollectible accounts expense only when an amount is actually known to be uncollectible. Question 4: Matching Pri...

ACCOUNTING PRINCIPLES 14 FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: Bottom Line. Answer: The last line on an income statement showing profit or loss Question 2: Why is accounting important. Answer: Tracks financial performance and helps plan for the future Question 3: Who uses accounting information. Answer: Lenders, investors, owners, government Question 4: GAAP. Answer: Generally Accepted Accounting Principles Question 5: FASB. Answer: Financial Accounting Sta...

ACCOUNTING PRINCIPLES 14 EXAMINATION TEST Questions with Correct Answers (Grade A+) Question 1: Liabilities. Answer: Debts owed by a business Question 2: Creditor. Answer: A person or company the business owes money to Question 3: Stockholders' Equity. Answer: Owner's claim on assets Question 4: Common Stock. Answer: Money invested in the business by owners Question 5: Retained Earnings. Answer: Profits kept in the business Question 6: Revenue. Answer: Money earned from sellin...

ACCOUNTING PRINCIPLES 14 EXAM SCRIPT Questions with Correct Answers (Grade A+) Question 1: Ch1: What are the three activities of Accounting? Answer: 1. Identifying 2. Recording 3. Communicating Question 2: Ch1: Users of accounting Answer: 1. Internal: Employees, Directors 2. External: Stakeholders, loaners Question 3: Ch1: Building blocks of Accounting Answer: 1. Ethics 2. Principles 3. Assumptions Question 4: Ch1: Define Ethics of Financial reporting Answer: A standards of cond...

ACCOUNTING PRINCIPLES 14 EXAM PREP Questions with Correct Answers (Grade A+) Question 1: Who uses accounting information. Answer: Lenders, investors, owners, government Question 2: GAAP. Answer: Generally Accepted Accounting Principles Question 3: FASB. Answer: Financial Accounting Standards Board Question 4: IRS role in accounting. Answer: Provides accounting rules and works with FASB Question 5: Conservatism. Answer: Recognize losses immediately, gains only when certain Question 6:...

ACCOUNTING PRINCIPLES 14 ACTUAL EXAM PAPER Questions with Correct Answers (Grade A+) Question 1: Internal Users. Answer: People inside the company such as managers and HR Question 2: External Users. Answer: People outside the company such as investors and creditors Question 3: Ethics. Answer: Standards of right and wrong behavior (honest vs dishonest, fair vs unfair) Question 4: GAAP. Answer: Generally Accepted Accounting Principles; rules that guide accounting Question 5: Cost Princip...