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ACG 3131 Exam 1 Questions and Answers accounting information system collects and processes transaction data and then disseminates the financial information to interested parties. They vary widely from one business to another. event A happening of consequence. An event generally is the source or cause of changes in assets, liabilities, and equity. Events may be external or internal. transaction An external event involving a transfer or exchange between two or more entities. ...

ACG 3131 Exam 3 Questions and Answers When buying receivables without recourse the purchaser assumes the risk of collectibility and absorbs any credit loss. In the gross method, sales discounts are reported as a deduction from sales For receivables sold with recourse the seller guarantees payment to the purchaser if they debtor fails to pay. The net amount reported for short-term receivables is not affected when a specific account receivable is determined to be uncollec...

Acg 3131 test 1 Ucf Durham Questions and Answers major financial statements balance sheet, income statement, statement of cash flows, statement of owners equity other financial reporting news releases, presidents letter, reports filed with govt agencies accounting assists in the efficient use of scare resources provides reliable, relevant, and timely information to managers and investors objectives of accounting provide info that is useful in investment and credit dec...

ACG 3131 - Final Exam Questions and Answers What is included in cost of buildings? - Materials, labor and overhead. -Professional fees and building permits. What is included in the cost of equipment? • Purchase price • Freight • Handling charges • Insurance while in transit • Cost of special foundations • Assembly and installation costs • Cost of conducting trial runs What are the three steps for calculating capitalized interest for constructed PP&E? 1. Cal...

ACG 2026 Exam 2 (Chapters 1-3) Questions and Answers Generally Accepted Accounting Principles (GAAP) The rules of financial accounting Assets Resources owned by a company Liabilities Amounts owned by a company Stockholders' Equity Owners' claim to resources Revenues The amounts earned from selling products or services to customers Expenses The costs of providing products and services Business Transaction An economic event that initiates the...

Managerial accounting UCF Exam 1 Questions and Answers What do managerial accountants do? Facilitate the decision-making process within an organization Who uses managerial accounting info? Manager of the sales department Decision making is defined as identifying alternative courses of action and choosing amongst them What atandard of ethics would someone disclosing info of a past employer to gain advantage of a new job be in violation of? The confidentiality standard of...

UCF ACG 2026 - Principles of Accounting Exam 3 Study Guide Definitions Questions and Answers verified Separation of duties authorizing transactions, recording transactions, and maintaining control of related assets should be separated among different employees First in, First out method (FIFO) inventory costing method that assumes the first units purchased (the first in) are the first ones sold (the first out) Last in, Last out Method (LIFO) Inventory costing method that assu...

ACG 2026 UCF exam 2 Questions and Answers Control environment the control environment refers to the overall tone of the organization risk assessment likelihood of loss on a particular asset, investment or loan. control activities Control activities are the policies, procedures, techniques, and mechanisms that help ensure that management's response to reduce risks preventative- prevent the loss of assets in the first place detective-Detective controls seek to identify when ...

ACG Decision Makers Exam 2 Chapters 4-6 Questions and Answers Liquidity Analysis Ability to pay current liablities Solvency Analysis Ability to pay liablilites Profitability Analysis How effectively are we using x Working Captial current assets - current liabilities Current Ratio current assets / current liabilities Quick (Acid Test) Ratio (Current Assets - Inventory) / Current Liabilities Accounts Receivable Turnover Net Sales / Average Accounts...

ACG 2026 Block 2 Definitions (Spring 2026, UCF) Questions and Answers. Internal Controls: a company's plan to 1) safeguard the company's assets, and 2) improve the accuracy and reliability of accounting information. Framework for Internal Controls: a framework to be used when designing internal controls systems including the control environment, risk assessment, control activities (preventative and detective), monitoring, and information and communication. Separation of ...

UCF Managerial Exam -1 Question and Answers Internal Controls: a company's plan to 1) safeguard the company's assets, and 2) improve the accuracy and reliability of accounting information. Framework for Internal Controls: a framework to be used when designing internal controls systems including the control environment, risk assessment, control activities (preventative and detective), monitoring, and information and communication. Separation of Duties authorizing transac...

UCF Managerial Exam -1 Question and Answers Responsibility of the CFO Is responsible for all of the companies financial concerns Responsibility of the Treasurer Is responsible for raising capital through issuing stocks and bonds Managers 3 primary responsibilities planning, directing, controlling Planning Involves setting goals, and objectives for the company and how to achieve them Directing Means overseeing the company day to day operations Controllin...

Exam 3 Managerial Accounting UCF Questions and Answers what is a flexible budget? allow you to compare your actual results with your budgeted expectations based on the same level of activity, rather than a fixed or predetermined one -> rate x actual activity = flexible budget what is a master budget? includes all of the lower-level budgets within an organization. Always starts with sales budget. what is a static budget? a budget that does not change with variations in act...

ACG 2021 Exam 1 UCF Reinking Questions and Answers Assets resources owned by a company Liabilities Amounts owed to creditors Stockholders' Equity owners' claims to resources Revenues the amounts earned from selling products or services to customers Expenses the costs of providing products and services Net Income the calculated difference between revenues and expenses Business Transactions An economic event that initiates the accounting proc...

Acg 2026 UCF Exam 3 Block Definitions Questions and Answers Liability A present responsibility to sacrifice assets in the future due to a transaction or other event that happened in the past. Current Liability payable within one year Long-term liability payable after one year Accounts Payable Amounts owed for products or services purchased on account Short-term Notes Payable used to borrow cash or purchase asset and due within one year Unearned Revenues ...

ACG 2026 final UCF Questions and Answers Long-Term liability Liability payable after ONE year Normal balance: Credit Financial statement: Balance sheet It's a long term liability Accounts payable Amounts owed for products or services purchased on account NB: credit FS: Balance sheet It's a current liability Short term notes payable Used to borrow cash or purchase asset and due within one year NB:credit FS: Balance sheet It's a current liability Unearned...

Exam 2 managerial accounting ucf Questions and Answers Mixed costs Costs which have a fixed and variable component Relevant range The normal range of units of production where the fixed and variable relationship holds. Cost Structure proportion of fixed and variable expenses in organization. Cost equation Total Costs = [Variable Costs per unit x # of units] + Fixed Costs Regression analysis A statistical method used to estimate fixed and variable components of a...

UCF ACG 2026 - Principles of Accounting Exam 3 Study Guide Definitions Questions and Answers First in, First out method (FIFO) inventory costing method that assumes the first units purchased (the first in) are the first ones sold (the first out) Last in, Last out Method (LIFO) Inventory costing method that assumes the last units purchased (the last in) are the first ones sold (the last out) Multiple-step income statement An income statement that reports multiple levels of incom...

ACG 3131 Exam 2 Questions and Answers transaction Why is the __________ approach to income measurement preferable to other ways of measuring income: It focuses on the activities that have occurred during a given period and instead of presenting only a net change, a description of the components that comprise the change is included advantages The ________ of the single-step income statement are: (1) simplicity and conciseness, (2) probably better understood by the layperson, (3) emph...

ACG 3173 Final Exam Review Questions and Answers Under the Cash basis of accounting... -Revenues are recorded when they are RECEIVED -Expenses are recorded when they are PAID What is a Cash Equivalent? Short term highly liquid debt usually with a maturity with 90 days or less Current assets Expected to be converted into cash or used up within a year or in their operating cycle; which ever is longer. How is inventory value recorded & what does it tell us? -Inventory i...