Harvard Business School HBS Online
CORe Final Exam Prep Questions and
Answers 100% Pass
David Mungai [Date] [Course title]
, Harvard Business School HBS Online
CORe Final Exam Prep Questions and
Answers 100% Pass
What Accounting Principle Does the Following Represent:
Real Estate prices in Orderville have increased dramatically over
the last five years. Although the land under Chad's office building
is currently believed to be worth $500,000, it is recorded at
$250,000 because that is the price he paid for it. - Answer>>
Historical Cost Principle
What is the Accounting Equation? - Answer>> Assets =
Liabilities + Equity
What Accounting Principle Does the Following Represent:
AQG Industries purchases $20,000 of product on credit from RSI
Manufacturing. AQG records the purchase as an increase in
inventory and an increase in accounts payable. AQG feels that
they will be able to realize the value from the inventory and settle
the obligation to RSI in the weeks to come. - Answer>> "Going
Concern" Concept
A "note payable for a bank loan" is an example of a... -
Answer>> Liability
The principle of Conservatism, says that a company should
choose measurement methods that anticipate and record
_____________ but don't anticipate and record _____________.
- Answer>> future losses; future gains
What Accounting Principle Does the Following Represent:
, A microfinance institution has been relying on government
collateral subsidies to finance start-ups in rural areas. However,
the government has cut the program recently. The company
reports this situation in its financial statements as this might affect
the decisions of stakeholders. - Answer>> Materiality
Cost of Goods Sold, Rent Expense, and Wages Expense are
examples of what type of account? - Answer>> Expense
Account
Cost of Goods Sold, Accounts Receivable, Cash: Increase or
Decrease with a Credit - Answer>> Decrease
These accounts increase with a debit or credit:
Cash, Depreciation Expense, Prepaid Rent - Answer>> Debit
The accounts increase with a debit or credit:
Sales Revenue, Deferred Revenue - Answer>> Credit
True or False: Transactions are only recorded when there is an
exchange of cash - Answer>> False: This is true for Cash Basis
Accounting, but not for Accrual Accounting.
The income statement reflects a company's: - Answer>>
Financial performance over a given period of time
What represents the net income/(loss) for the year? - Answer>>
The difference between the revenues/gains and expenses/losses.
Income Statement:
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