fbpx

Accounting Management

Accounting Management

Welcome to your Accounting Management Exam

You only have 30 minutes to answer the questions and you have two chances to answer.

Name
Email
Business
Phone
Country
City
1. 
Which accounting principle states that expenses should be recognized in the period they are incurred?

2. 
What is the cost of goods sold (COGS) for smartphones using the FIFO method?

TechGear Store, a retailer specializing in electronic gadgets, uses the FIFO inventory costing method to manage its inventory. The store sells smartphones, tablets, and laptops. The following information is available for the month of January:

Beginning Inventory:

  • January 1: 10 smartphones at $300 each
  • January 1: 5 tablets at $400 each
  • January 1: 8 laptops at $900 each

Purchases and Sales:

  • January 5: Purchased 15 smartphones at $310 each
  • January 10: Sold 12 smartphones
  • January 15: Purchased 10 tablets at $410 each
  • January 20: Sold 8 tablets
  • January 25: Purchased 5 laptops at $910 each
  • January 30: Sold 4 laptops

3. 
In the context of investing, what does diversification aim to achieve?

4. 
What is the primary purpose of the Statement of Cash Flows?

5. 
Which of the following is NOT a type of financial ratio used in analysis?

6. 
Which of the following best describes a liability?

7. 
Which of the following is a current asset?

8. 
Which financial statement represents a snapshot of a company's financial position at a specific point in time?

9. 
What does FIFO stand for in inventory valuation?

10. 
Which of the following best describes the primary goal of cost management at TechSolutions Inc.?

Case Study: Cost Management at TechSolutions Inc.

TechSolutions Inc., a technology company, specializes in developing software solutions for businesses. As the company grew, management noticed an increase in operational costs and sought ways to manage and control expenses effectively. They decided to implement various cost management strategies to optimize spending and improve profitability.

11. 
Which of the following is a qualitative characteristic of useful financial information?

12. 
What does ROI stand for in finance and investment?

Our Score
Click to rate this post!
[Total: 0 Average: 0]

Leave a Reply

Your email address will not be published. Required fields are marked *