BIS C3

____________ is concerned with recording the financial impacts of business processes as they are executed

• Management accounting
• Financial accounting (Fl)
• Controlling (CO)
• Bank ledger accounting

Which of the following is a key process in financial accounting?

• Sales order processing
• Accounts receivable accounting
• Credit management
• Income verification

Which process is used to manage money owed by customers for goods and services purchased from the company?

• General ledger accounting
• Accounts receivable accounting
• Fixed asset accounting
• Bank ledger accounting

Which process is concerned with recording data associated with bank statements?

• Bank ledger accounting
• Fixed asset accounting
• General ledger accounting
• Accounts receivable accounting

Which term represents what a company owns, such as cash, inventory of materials, and buildings?

• Liabilities
• Equity
• Assets
• Revenues

Which of the following best describes the operative chart of accounts?

• Contains the operational accounts that are used to record the financial impact of an
• Contains the operational accounts that are used to record the financial impact of an organization’s day-to-day transactions
• Contains accounts that are used by multiple companies to consolidate their financial reporting
• Contains only accounts payable transactions

Financial statements can be generated from which of the following?

• Operative COA
• Country-specific COA
• Both operative and country-specific COAs
• Neither operative nor country-specific COAs

Balance sheet accounts are grouped into which of the following categories?

• Revenue
• Assets
• Liabilities
• Equity
• Expenses

An organization can possess which of the following types of assets?

• Tangible
• Intangible
• Financial
• Economic
• Virtual

Reporting in financial accounting is broadly divided into which of the following two categories?

• Posting goods issue
• Displaying account information
• Generating financial statements
• Recording transactions
• Automatic posting of accounts