Sample final exam questions
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Fin-accounting-Final exam sample questions
Sample final exam questions Describe the basic principles of financial accounting Explain the nature cost accounting Explain certain accounting principles that are important for an understanding of financial statements and how professional judgment by accountants may affect the application of those principles Describe the regulatory system of accounting (financial) accounting in Uzbekistan. Organization of financial accounting Describe the Qualitative Characteristics of the Financial information Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts What is meant by comparability of financial statements? Briefly describe the principles of Generally accepted accounting principles (GAAP) How are International Financial Reporting Standards developed? Explain the nature capital budgeting Describe the Purpose and Functions of the Statement of Changes in Equity Explain auditing principles. Describe auditing issues of Uzbekistan Explain frameworks of Financial Reporting Describe essence of financial ratios Explain preparation of financial statements for companies Explain the three principles guiding the design of management accounting systems Explain the statement of retained earnings Explain the nature of capital investment decisions Explain how the income statement and the statement of retained earnings relate to the balance sheet Explain the purpose of a journal and its relationship to the ledger Explain Accounts of Joint Stock companies Explain the nature and purpose of classifications in financial statements Explain the nature and general purpose of financial statements Define liabilities and distinguish between current and long-term liabilities Describe cash flow statement. Distinguish between the direct and indirect methods of reporting operating cash flows Explain the nature of intangible assets, including goodwill Explain how the statement of financial position (balance sheet), income statement, and statement of cash flows relate to each other Distinguish between product costs and period costs What Is a Balance Sheet? How a Balance Sheet Works? Define financial assets and explain their valuation in the balance sheet Explain the purposes and uses of a statement of cash flows. Describe how cash transactions are classified in a statement of cash flows Demonstrate how certain business transactions affect the elements of the accounting equation: Assets= Liabilities +Owners’ Equity Identify the steps in the accounting cycle and discuss the role of accounting records in an organization Describe of accounting of Long-term investments and sources of their financing Discuss the importance of financial statements to a company and its investors and creditors and why management may take steps to improve the appearance of the company in its financial statements Explain the nature of net income, revenue, and expenses Explain of accounting for inventory, its valuation Distinguish between direct and indirect costs Discuss the relevance of opportunity costs, sunk costs, and out-of-pocket costs in making business decisions Explain the purposes of cost accounting systems Introduction in Managerial Accounting, its main functions and tasks Practical exam will cover topics: Balance sheet Income Statement Cash Flow statement Cost Accounting Financial Ratio Download 9.62 Kb. Do'stlaringiz bilan baham: |
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