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Financial Accounting Fundamentals Professional Certification

Pass the Financial Accounting exam on your 1st attempt, includes a full practice quiz. The Financial Accounting certification is designed to provide individuals with a foundational understanding of financial services and is generally considered an entry-level certification.

Here are the Questions and Answers:

  • Revenue = Expenses
  • Assets = Liabilities + Equity
  • Income = Expenditure
  • Debits = Credits
  • Generally Accepted Accounting Principles
  • Global Accounting and Auditing Practices
  • General Accounting Assessment Process
  • Global Assets and Accounts Policy
  • Each transaction has only one effect on the accounting equation.
  • Each transaction affects at least two accounts with equal amounts of debits and credits.
  • Debits always exceed credits.
  • Credits always exceed debits.
  • To identify errors in financial statements
  • To determine the net income
  • To record adjusting entries
  • To calculate depreciation
  • Income Statement
  • Statement of Cash Flows
  • Balance Sheet
  • Statement of Retained Earnings
  • To show the company’s financial position
  • To provide information about cash flows
  • To report the company’s profitability over a period
  • To disclose changes in equity
  • Land
  • Equipment
  • Accounts Receivable
  • Buildings
  • Net Income = Revenues – Expenses
  • Net Income = Assets – Liabilities
  • Net Income = Cash Inflows – Cash Outflows
  • Net Income = Equity/Liabilities
  • An increase in the value of an asset
  • A decrease in the value of an asset over time
  • The cost of goods sold
  • The total revenue earned by a company
  • Money owed to the company by customers
  • Money owed by the company to suppliers or vendors
  • Money invested by shareholders
  • Money held in a savings account
  • Income Statement
  • Balance Sheet
  • Statement of Cash Flows
  • Statement of Retained Earnings
  • Allocating the cost of tangible assets
  • Allocating the cost of intangible assets over their useful life
  • Recording changes in the market value of assets
  • Identifying errors in financial statements
  • Recognize revenue when it is earned
  • Recognize expenses when they are incurred
  • Choose the method that is least likely to overstate assets or income
  • Match expenses with revenues
  • Accounts Payable
  • Short-term loans
  • Salaries payable
  • Long-term debt
  • The ability to meet short-term obligations
  • The total assets of a company
  • The profitability of a company
  • The market value of equity

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