Sample final exam questions

Sample final exam questions

1. 
   Describe the basic principles of financial accounting
   
2. 
   Explain the nature cost accounting
   
3. 
   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
   
4. 
   Describe the regulatory system of accounting (financial) accounting in Uzbekistan. Organization of financial accounting
   
5. 
   Describe the Qualitative Characteristics of the Financial information
   
6. 
   Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts
   
7. 
   What is meant by comparability of financial statements?
   
8. 
   Briefly describe the principles of Generally accepted accounting principles (GAAP)
   
9. 
   How are International Financial Reporting Standards developed?
   
10. 
    Explain the nature capital budgeting
    
11. 
    Describe the Purpose and Functions of the Statement of Changes in Equity
    
12. 
    Explain auditing principles. Describe auditing issues of Uzbekistan
    
13. 
    Explain frameworks of Financial Reporting
    
14. 
    Describe essence of financial ratios
    
15. 
    Explain preparation of financial statements for companies
    
16. 
    Explain the three principles guiding the design of management accounting systems
    
17. 
    Explain the statement of retained earnings
    
18. 
    Explain the nature of capital investment decisions
    
19. 
    Explain how the income statement and the statement of retained earnings relate to the balance sheet
    
20. 
    Explain the purpose of a journal and its relationship to the ledger
    
21. 
    Explain Accounts of Joint Stock companies
    
22. 
    Explain the nature and purpose of classifications in financial statements
    
23. 
    Explain the nature and general purpose of financial statements
    
24. 
    Define liabilities and distinguish between current and long-term liabilities
    
25. 
    Describe cash flow statement. Distinguish between the direct and indirect methods of reporting operating cash flows
    
26. 
    Explain the nature of intangible assets, including goodwill
    
27. 
    Explain how the statement of financial position (balance sheet), income statement, and statement of cash flows relate to each other
    
28. 
    Distinguish between product costs and period costs
    
29. 
    What Is a Balance Sheet? How a Balance Sheet Works? Define financial assets and explain their valuation in the balance sheet
    
30. 
    Explain the purposes and uses of a statement of cash flows. Describe how cash transactions are classified in a statement of cash flows
    
31. 
    Demonstrate how certain business transactions affect the elements of the accounting equation: Assets= Liabilities +Owners’ Equity
    
32. 
    Identify the steps in the accounting cycle and discuss the role of accounting records in an organization
    
33. 
    Describe of accounting of Long-term investments and sources of their financing
    
34. 
    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
    
35. 
    Explain the nature of net income, revenue, and expenses
    
36. 
    Explain of accounting for inventory, its valuation
    
37. 
    Distinguish between direct and indirect costs
    
38. 
    Discuss the relevance of opportunity costs, sunk costs, and out-of-pocket costs in making business decisions
    
39. 
    Explain the purposes of cost accounting systems
    
40. 
    Introduction in Managerial Accounting, its main functions and tasks
    

Practical exam will cover topics:

1. 
   Balance sheet
   
2. 
   Income Statement
   
3. 
   Cash Flow statement
   
4. 
   Cost Accounting
   
5. 
   Financial Ratio