LOMA 361 QUESTIONS WITH CORRECT ANSWERS

LOMA 361 QUESTIONS WITH CORRECT ANSWERS
Question : _________________ is a system or set of rules
and methods for collecting, processing, reporting, and
monitoring financial info about a company.
CORRECT ANSWER: Accounting
Question : Closely related to accounting is ____________
reporting, which is the process of presenting financial info
about a company's financial position, operating performance,
and flow of funds into and out of a company.
CORRECT ANSWER: financial
Question : The accounting function consists of processes and
activities that help answer 5 key business questions:
CORRECT ANSWER: 1) What does the company own?2)
What does the company owe?3) What has the company
retained?4) What has the company earned?5) What has the
company spent?
Question : A __________ transaction is a transaction to
which a company must assign an objective monetary value,
whether the impact on the company is large or small, actual
or expected.
CORRECT ANSWER: business

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