Financial Management

Questão 1 de 62

1

The (2) broad categories of accounting in the financial management of a firm are?

Selecione uma ou mais das seguintes:

General Ledger Accounting
Project Cost Accounting
Basic Accounting
Double Entry Bookkeeping

Explicação

Questão 2 de 62

1

Which of the following best describes General Ledger Accounting?

Selecione uma das seguintes:

Is basic accounting that keeps track of money flowing into & out of the business & is needed for day-to-day operations, banking, taxes, & auditing; provides firm-wide statements about the overall financial status of the business
Tracks revenue, expenses & profit by individual projects

Explicação

Questão 3 de 62

1

General Ledger Accounting is needed for which of the following?

Selecione uma ou mais das seguintes:

Basic Accounting
Keeping track of money flowing into & out of a business
Day-to-day operations
Banking
Taxes
Auditing
Firm-wide statements about the overall financial status of a business so that firm owners can make decisions crucial to the firm's profitability & survival
Tracking revenue, expenses, & profit by individual projects
Knowing how the amount of time spent on specific projects affects the financial health of the firm
Assisting managers in deciding how to allocate resources, manage projects, & develop accurate proposals for new work

Explicação

Questão 4 de 62

1

Project Cost Accounting is needed for which of the following?

Selecione uma ou mais das seguintes:

Tracking revenue by individual projects
Tracking expenses by individual projects
Tracking profit by individual projects
Knowing how the amount of time spent on specific projects affects the financial health of a firm
Differentiating between projects that are making money & those that are losing money
Assisting managers in deciding how to allocate resources
Assisting managers in deciding how to manage projects
Assisting managers in developing accurate proposals for new work
Tracking money flowing into & out of the business & is needed for day-to-day operations, banking, taxes, & auditing
Providing firm-wide statements about the overall financial status of the business so that firm owners can make decisions crucial to the firm's profitability & survival

Explicação

Questão 5 de 62

1

Which of the following describe Project Cost Accounting?

Selecione uma ou mais das seguintes:

Helps managers decide how to allocate resources, manage projects, & develop accurate proposals for new work
Tracks revenue, expenses, & profit by individual projects
Shows how the amount of time spent on specific projects affects the financial health of a firm
Provides firm-wide statements about the overall financial status of a business so that firm owners can make decisions crucial to the firm's profitability & survival
Keeps track of money flowing into & out of a business & is needed for day-to-day operations, banking, taxes, & auditing

Explicação

Questão 6 de 62

1

Which of the following correctly describes the, "Amounts owed to the suppliers of goods or services (such as consultants, reproduction companies, or the utility company) that have not yet been paid?"

Selecione uma das seguintes:

Accounts Payable
Accounts Receiveable
Assets
Chart of Accounts

Explicação

Questão 7 de 62

1

Which of the following correctly describes, "Money that others owe to a business through invoices for services?"

Selecione uma das seguintes:

Accounts Payable
Accounts Receivable
Assets
Chart of Accounts

Explicação

Questão 8 de 62

1

Which of the following correctly describes, "Any type of tangible or intangible resource that can be measured in monetary terms, including current assets, fixed assets, & other assets?"

Selecione uma das seguintes:

Assets
Accounts payable
Accounts receivable
Chart of accounts

Explicação

Questão 9 de 62

1

Which of the following correctly describes, "A list of the various accounts a business uses to keep track of money, along with corresponding account numbers used for data processing?"

Selecione uma das seguintes:

Chart of Accounts
Balance Sheet
Profit & Loss Statement
Ledger

Explicação

Questão 10 de 62

1

Which of the following describes, "Resources of a business that are converted into cash within one year?"

Selecione uma das seguintes:

Assets
Fixed Assets
Other Assets
Current Assets

Explicação

Questão 11 de 62

1

Which of the following describes, "All labor of technical staff, principals, & support staff that is directly chargeable to projects?"

Selecione uma das seguintes:

Direct Labor
Total Labor
Overhead
Indirect Labor

Explicação

Questão 12 de 62

1

Which of the following describes, "The expense of employee salaries plus the cost of mandatory & discretionary expenses & benefits such as payroll taxes & health insurance?"

Selecione uma das seguintes:

Direct Expense
Direct Personnel Expense
Overhead
Indirect Personnel Expense

Explicação

Questão 13 de 62

1

Which of the following correctly describes, "Voluntary distribution of profits to owners & non-owners, such as performance bonuses, profit sharing, & incentive compensation?"

Selecione uma das seguintes:

Discretionary Distribution
Profit Distribution
Direct Personnel Expense
Distribution

Explicação

Questão 14 de 62

1

Which of the following best describes, "Resources that the firm uses & retains for a long period of time, such as equipment & property?"

Selecione uma das seguintes:

Assets
Current Assets
Fixed Assets
Other Assets

Explicação

Questão 15 de 62

1

Which of the following correctly describes, "All the revenue generated by a business during a stated period of time?"

Selecione uma das seguintes:

Total Revenue
Gross Revenue
Net Operating Revenue
Net Revenue

Explicação

Questão 16 de 62

1

Which of the following correctly describes, "All labor not charged to a specific project or revenue-producing account, such as administration, general office time, & marketing?"

Selecione uma das seguintes:

Overhead
Indirect Labor
Indirect Personnel Expense
Direct Labor

Explicação

Questão 17 de 62

1

Which of the following correctly describes, "Claims by people outside the business & claims by the owners of the business against the total assets of the business."

Selecione uma das seguintes:

Liabilities
Indemnification Clause
Personal Injury
Privity
Tort

Explicação

Questão 18 de 62

1

Which of the following correctly describes, "The money that remains from billing after deducting fees & expenses, reimbursable expenses, & non-reimbursable project-related expenses?"

Selecione uma das seguintes:

Net Operating Revenue (Net Revenue)
Gross Revenue
Total Revenue
Revenue

Explicação

Questão 19 de 62

1

Which of the following correctly describes, "Miscellaneous resources such as securities & copyrights?"

Selecione uma das seguintes:

Other Assets
Current Assets
Assets
Fixed Assets

Explicação

Questão 20 de 62

1

Which of the following correctly describes, "Expenses incurred to keep a business operating whether or not any revenue is being generated, such as rent, software leases, & fees for power & telephone service?"

Selecione uma das seguintes:

Overhead
Indirect Expenses
Non-Reimbursable Expenses
Reimbursable Expenses

Explicação

Questão 21 de 62

1

Preencha os espaços em branco para completar o texto.

Net Revenue (NOR) = (Gross Revenue) - ( + + + Project Related Expenses)

Explicação

Questão 22 de 62

1

Which of the following are the (2) basic accounting methods?

Selecione uma ou mais das seguintes:

Cash Accounting
Accrual Accounting
General Ledger Accounting
Project Cost Accounting
Modified Accrual Basis Method

Explicação

Questão 23 de 62

1

Which of the following apply to Cash Accounting?

Selecione uma ou mais das seguintes:

revenue & expenses are recognized at the time the business receives the cash or pays a bill
Better means of accounting for tracking actual cash flow
Fairly simple & is often used by single-person businesses & small businesses
Revenue & Expenses are recognized at the time they are earned or incurred, whether or not cash changes hands
Gives a better picture of a businesses's long term financial status & provides information that is important for active financial management
Best for businesses above a certain size or that maintain inventory are required by the IRS to use accrual accounting

Explicação

Questão 24 de 62

1

Which of the basic accounting methods is best suited for a single person business or small businesses?

Selecione uma ou mais das seguintes:

Cash Accounting
Accrual Accounting
Modified Accrual Basis Method
Project Cost Accounting

Explicação

Questão 25 de 62

1

Businesses above a certain size or that maintain inventory are required by the IRS to use which basic accounting method?

Selecione uma das seguintes:

Cash Accounting
Accrual Accounting
Project Cost Accounting
General Ledger Accounting

Explicação

Questão 26 de 62

1

Which of the following apply to Accrual Accounting?

Selecione uma ou mais das seguintes:

Revenue & Expenses are recognized at the time they are earned or incurred, whether or not cash changes hands
Gives a better picture of a business's long term financial status & provides information that is important for active financial management
Businesses above a certain size or that maintain inventory are required by the IRS to use this accounting method
Revenue & expenses are recognized at the time the business receives the cash or pays a bill
Better at tracking actual cash flow
Fairly simple & is often used by single-person businesses & small businesses

Explicação

Questão 27 de 62

1

Which basic accounting method recognizes revenue & expenses at the time the business receives the cash or pays a bill?

Selecione uma das seguintes:

Cash Accounting
Project Cost Accounting
Accrual Accounting
Modified Accrual Basis Method

Explicação

Questão 28 de 62

1

Which basic accounting method recognizes revenue & expenses at the time they are earned or incurred, whether or not cash changes hands?

Selecione uma das seguintes:

Accrual Accounting
Cash Accounting
General Ledger Accounting
Project Cost Accounting

Explicação

Questão 29 de 62

1

Which of the following is an example of Accrual Accounting?

Selecione uma das seguintes:

A firm sends an invoice to a client for $50,000 & that money is listed as revenue even though the client has not yet paid the invoice
A firm sends an invoice to a client for $50,000 & that money is listed as revenue only once the client has paid the invoice

Explicação

Questão 30 de 62

1

What is the difference between Accrual Accounting & Modified Accrual Accounting (Modified Accrual Basis Method)?

Selecione uma das seguintes:

Records fee revenue, expenses billed to the client, & invoices to the firm by outside consultants
Records fee revenue, expenses billed to the client, & invoices to the firm by outside consultants but does NOT include the amounts of fees that have been earned but not yet billed to the client
Recognizes revenue & expenses only when actual cash changes hands

Explicação

Questão 31 de 62

1

Which of the following are recorded by the Modified Accrual Basis Method?

Selecione uma ou mais das seguintes:

Fee Revenue
Expenses billed to the client
Invoices to the firm by outside consultants
The amounts of fees that have been earned but not yet billed to the client

Explicação

Questão 32 de 62

1

Accrual Accounting uses which of the following methods to record & organize all revenue & expenses into individual accounts?

Selecione uma das seguintes:

Double-Entry Bookkeeping
Journal Accounting
Ledger Accounting
General Ledger Accounting

Explicação

Questão 33 de 62

1

Which of the following are reasons why Cash Accounting & Accrual Accounting group all revenue & expenses into individual accounts?

Selecione uma ou mais das seguintes:

Auditing
Review
Tax Preparation
Management
Analysis
Insurance

Explicação

Questão 34 de 62

1

Which of the following describes, "All transactions are listed chronologically in a journal. They are then posted to a ledger where transactions are grouped into individual accounts?"

Selecione uma das seguintes:

Double-Entry Bookkeeping
General Ledger Accounting
Ledger Accounting
Bookkeeping

Explicação

Questão 35 de 62

1

Which of the following are the most common types of Accounting Reports?

Selecione uma ou mais das seguintes:

Balance Sheet
Modified Accrual Basis Method
Profit & Loss Statement
Cash Flow Statement
Double Entry Bookkeeping

Explicação

Questão 36 de 62

1

Which of the following is an important aspect of the balance sheet?

Selecione uma das seguintes:

Net Worth of the Business (aka Owner's Equity)
Total Liabilities
Cash Equivalents
Cash Flow

Explicação

Questão 37 de 62

1

Which of the following apply to the Balance Sheet?

Selecione uma ou mais das seguintes:

Summarizes all assets & liabilities & shows the financial position of a business
All the assets listed must exactly equal all the liabilities listed
The Total Assets must = (Total Liabilities + The Net Worth or Owner's Equity)
The Net Worth or Owner's Equity is an important part of this report
Lists all the income & expenses of a business for a certain period of time
Shows the actual inflows & outflows of cash or cash equivalents

Explicação

Questão 38 de 62

1

Which of the following describe Net Worth?

Selecione uma ou mais das seguintes:

Owner's Equity
= (Total Assets) - (Total Liabilities)
The money invested in a business by the owners or stockholders
defined as money, checks, or anything else accepted by banks
Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit

Explicação

Questão 39 de 62

1

Which of the following describe Owner's Equity?

Selecione uma ou mais das seguintes:

Net Worth
The money invested in a business by the owners or stockholders
= (Total Assets) - (Total Liabilities)
Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit
Defined as money, checks, or anything else accepted by banks

Explicação

Questão 40 de 62

1

Which of the following apply to the Profit & Loss Statement?

Selecione uma ou mais das seguintes:

Lists all the income & expenses of a business for a certain period of time
The difference between all the income & all the expenses gives either the profit or the loss for that period
Income Statement
Shows the actual inflows & outflows of cash or cash equivalents
Summarizes all assets & liabilities & shows the financial position of a business

Explicação

Questão 41 de 62

1

Which of the following apply to the Cash Flow Statement

Selecione uma ou mais das seguintes:

Shows the actual inflows & outflows of cash or cash equivalents
This statement is important because a business's month to month financial health depends on being able to meet payroll & pay bills
Lists all the income & expenses of a business for a certain period of time
Summarizes all assets & liabilities & shows the financial position of a business
Cash is defined as money, checks, or anything else accepted by banks

Explicação

Questão 42 de 62

1

Which of the following describes Cash Equivalents?

Selecione uma das seguintes:

Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit
Current Assets
Defined as money, checks, or anything else accepted by banks
Resources of a business that are converted into cash within one year

Explicação

Questão 43 de 62

1

Profit Planning & Financial Management Reports include which of the following?

Selecione uma ou mais das seguintes:

Active Planning
Monitoring & Controlling of financial information
Acting on financial information

Explicação

Questão 44 de 62

1

What is the fundamental equation for financial planning in any profit oriented business?

Selecione uma ou mais das seguintes:

(Profit + Expenses) = Revenue; If the business will make its targeted profit, & controls expenses, what is the appropriate revenue that needs to be generated to achieve that targeted profit
(Revenue - Expenses) = Profit; Profit is whatever may be left over after expenses are subtracted from revenue
(Net Operating Revenue) / (Total Direct Labor Costs)
(Total Indirect Expenses) / (Total Direct Labor Costs)

Explicação

Questão 45 de 62

1

Which of the following are the (2) typical means to increase revenue?

Selecione uma ou mais das seguintes:

Increase how much work the firm does
Increase Fees
Decrease indirect labor
Reducing overhead costs

Explicação

Questão 46 de 62

1

Which of the following is one of the highest percentages of overhead?

Selecione uma das seguintes:

Indirect Labor (Personnel who do not directly work on projects)
Direct Labor
Non-Reimbursable expenses
Reimbursable Expenses

Explicação

Questão 47 de 62

1

What is the typical means for controlling expenses?

Selecione uma das seguintes:

Reducing overhead wherever possible
Decreasing reimbursable & non reimbursable expenses
Increasing how much work the firm does
Increasing Fees

Explicação

Questão 48 de 62

1

Other than the basic accounting reports, which of the following are the typical Planning Reports & Financial Management Reports?

Selecione uma ou mais das seguintes:

Project Progress Report
Office Earnings Report
Aged Accounts Receivable Report
Time Analysis Report
Project Cost Accounting
Balance Sheet
Profit & Loss Statement
Accrual Accounting Report

Explicação

Questão 49 de 62

1

Which of the following apply to Project Progress Reports?

Selecione uma ou mais das seguintes:

Shows the hours & labor costs for each phase of a project, both for the current reporting period, & the total to date, & compares these numbers with the estimated hours & costs
Shows direct costs, such as for consultants, overhead allocations, & reimbursable expenses
Gives the project manager & firm management an accurate look at the status of a project & can be used to take corrective action as necessary
Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, un-billed services, percentage of completion, & profit or loss to date
Shows the status of all invoices for all projects, whether or not they have been paid
Tracks revenue, expenses, & profit by individual projects
Shows how the amount of time spent on specific projects affects the financial health of a firm

Explicação

Questão 50 de 62

1

Which of the following apply to the Office Earnings Report?

Selecione uma ou mais das seguintes:

Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, unbilled services, percentage of completion, & profit or loss to date
Can help firm management find any projects that may be hurting overall profitability & need remedial action
Shows the status of all invoices for all projects, whether or not they have been paid
Shows the hours & labor costs for each phase of a project, both for the current reporting period, & the total to date, & compares these numbers with the estimated hours & costs
Shows direct costs, such as for consultants, overhead allocations, & reimbursable expenses

Explicação

Questão 51 de 62

1

The office earnings report summarizes each of the firms projects in terms of which of the following?

Selecione uma ou mais das seguintes:

The amount of revenue it has generated
The expenses it has incurred
Unbilled serivces
Percentage of completion
Profit or Loss to date

Explicação

Questão 52 de 62

1

Which of the following apply to Aged Accounts Receivable?

Selecione uma ou mais das seguintes:

Shows the status of all invoices for all projects, whether or not they have been paid
Shows the "age" of each invoice, which is the time from the invoice date to the payment date, or to the current date if still unpaid
Shows the hours & labor costs for each phase of a project, both for the current reporting period & the total to date, & compares these numbers with the estimated hours & costs
Shows direct costs, such as those for consultants, overhead allocations, & reimbursable expenses
Give the project manager & firm management an accurate look at the status of a project & can be used to take corrective action as necessary
Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, unbilled services, percentage of completion, & profit or loss to date
Can help firm management find any projects that may be hurting overall profitability & need remedial action

Explicação

Questão 53 de 62

1

What is the average collection period of invoices?

Selecione uma das seguintes:

Between 60 & 75 Days
Between 45 & 60 days
Between 75 & 90 Days
Between 60 & 90 Days

Explicação

Questão 54 de 62

1

What is the break-even chargeable ratio (utilization rate) for the whole firm & the targeted rate for technical staff?

Selecione uma das seguintes:

65% for the whole firm & 75%-85% for technical staff
65% for the whole firm & 85%-95% for technical staff
75% for the whole firm & 85%-95% for technical staff
70% for the whole firm & 75%-85% for technical staff

Explicação

Questão 55 de 62

1

Which of the following are the Financial Ratios?

Selecione uma ou mais das seguintes:

Current Ratio
Net Profit before Tax
Overhead Rate
Quick Ratio
Revenue per technical staff
Revenue per total staff
Billing Rate
Utilization Rate

Explicação

Questão 56 de 62

1

For accounting purposes, a large plotter is considered:

Selecione uma das seguintes:

A current asset
A fixed asset
A liability
An overhead expense

Explicação

Questão 57 de 62

1

Which of the following financial ratios can be used to estimate the required net operating revenue for future budgets, & if the NOR is known, can also estimate staffing levels?

Selecione uma ou mais das seguintes:

Net Operating Revenue Per Technical Staff Member
Net Operative Revenue per Total Staff
Current Ratio
Quick Ratio

Explicação

Questão 58 de 62

1

Which of the following make up Billing Rates?

Selecione uma ou mais das seguintes:

Employee's Salary
The Costs for that Employee's Fringe Benefits
The Cost of Office Overhead
An Allowance for Profit

Explicação

Questão 59 de 62

1

How can the hourly billing rate of an employee be determined with the Net Multiplier?

Selecione uma das seguintes:

Billing Rate = (Net Multiplier) x (Dollar amount employee is paid hourly)
Billing Rate = (Employees Hourly Salary + Fringe Benefits + The Cost of Office Overhead + An allowance for profit)

Explicação

Questão 60 de 62

1

The Net Multiplier accounts for which of the following?

Selecione uma ou mais das seguintes:

Fringe Benefits
Indirect Labor
Overhead
Profit
Hourly Labor Cost per employee

Explicação

Questão 61 de 62

1

What are the (4) basic steps to collecting accounts receivable?

Selecione uma ou mais das seguintes:

Contract Terms
Timely Billing
Complete Invoices
Regular Procedures for tracking accounts
Selection of appropriate project delivery method

Explicação

Questão 62 de 62

1

Which of the following should be included in the contract regarding fee collection?

Selecione uma ou mais das seguintes:

The basis for the fee
When invoices will be sent & in what form
When payment is due
Any penalties for late payment such as interest charges after 45 day s or some other reasonable period of time
Provisions for nonpayment including stopping work on the client's project & making no presentations until the payment has been received

	Criado por Marita Rose mais de 6 anos atrás

Architectural Registration Exam - NCARB A.R.E 5.0 Practice Management Quiz sobre Financial Management, criado por Marita Rose em 15-01-2018.

Financial Management

Questão 1 de 62

The (2) broad categories of accounting in the financial management of a firm are?

Selecione uma ou mais das seguintes:

Explicação

Questão 2 de 62

Which of the following best describes General Ledger Accounting?

Selecione uma das seguintes:

Explicação

Questão 3 de 62

General Ledger Accounting is needed for which of the following?

Selecione uma ou mais das seguintes:

Explicação

Questão 4 de 62

Project Cost Accounting is needed for which of the following?

Selecione uma ou mais das seguintes:

Explicação

Questão 5 de 62

Which of the following describe Project Cost Accounting?

Selecione uma ou mais das seguintes:

Explicação

Questão 6 de 62

Which of the following correctly describes the, "Amounts owed to the suppliers of goods or services (such as consultants, reproduction companies, or the utility company) that have not yet been paid?"

Selecione uma das seguintes:

Explicação

Questão 7 de 62

Which of the following correctly describes, "Money that others owe to a business through invoices for services?"

Selecione uma das seguintes:

Explicação

Questão 8 de 62

Which of the following correctly describes, "Any type of tangible or intangible resource that can be measured in monetary terms, including current assets, fixed assets, & other assets?"

Selecione uma das seguintes:

Explicação

Questão 9 de 62

Which of the following correctly describes, "A list of the various accounts a business uses to keep track of money, along with corresponding account numbers used for data processing?"

Selecione uma das seguintes:

Explicação

Questão 10 de 62

Which of the following describes, "Resources of a business that are converted into cash within one year?"

Selecione uma das seguintes:

Explicação

Questão 11 de 62

Which of the following describes, "All labor of technical staff, principals, & support staff that is directly chargeable to projects?"

Selecione uma das seguintes:

Explicação

Questão 12 de 62

Which of the following describes, "The expense of employee salaries plus the cost of mandatory & discretionary expenses & benefits such as payroll taxes & health insurance?"

Selecione uma das seguintes:

Explicação

Questão 13 de 62

Which of the following correctly describes, "Voluntary distribution of profits to owners & non-owners, such as performance bonuses, profit sharing, & incentive compensation?"

Selecione uma das seguintes:

Explicação

Questão 14 de 62

Which of the following best describes, "Resources that the firm uses & retains for a long period of time, such as equipment & property?"

Selecione uma das seguintes:

Explicação

Questão 15 de 62

Which of the following correctly describes, "All the revenue generated by a business during a stated period of time?"

Selecione uma das seguintes:

Explicação

Questão 16 de 62

Which of the following correctly describes, "All labor not charged to a specific project or revenue-producing account, such as administration, general office time, & marketing?"

Selecione uma das seguintes:

Explicação

Questão 17 de 62

Which of the following correctly describes, "Claims by people outside the business & claims by the owners of the business against the total assets of the business."

Selecione uma das seguintes:

Explicação

Questão 18 de 62

Which of the following correctly describes, "The money that remains from billing after deducting fees & expenses, reimbursable expenses, & non-reimbursable project-related expenses?"

Selecione uma das seguintes:

Explicação

Questão 19 de 62

Which of the following correctly describes, "Miscellaneous resources such as securities & copyrights?"

Selecione uma das seguintes:

Explicação

Questão 20 de 62

Which of the following correctly describes, "Expenses incurred to keep a business operating whether or not any revenue is being generated, such as rent, software leases, & fees for power & telephone service?"