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Accounting & Reporting Quiz Copy

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Accounting & Reporting Quiz Copy

Josh June 20, 2024

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Question 1 of 10

1. Question
1.) How is the NAV per share calculated?
- Total assets minus total liabilities.
- Total assets divided by the number of shares outstanding.
- Total liabilities divided by the number of shares outstanding.
- Total shareholder equity divided by the number of shares outstanding.
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Question 2 of 10

2. Question
2.) What is the primary function of Portfolio Accounting in wealth and asset management?
- Predicting market trends
- Managing customer relationships
- Recordkeeping of clients' financial assets and transactions
- Marketing financial products
Correct

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Question 3 of 10

3. Question
3.) Which accounting method records revenue at the time it is earned?
- Cash accounting
- Accrual accounting
- Both accrual and cash accounting
- Neither accrual nor cash accounting
Correct

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Question 4 of 10

4. Question
4.)What does average cost represent in inventory accounting?
- The total cost of all units produced
- The cost per unit manufactured in a production run
- The highest cost among all units produced
- The total cost of goods sold (COGS)
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Question 5 of 10

5. Question
5.) What does Modified Cash-Basis Accounting involve?
- Hybrid of cash and accrual accounting
- Strictly cash basis accounting
- Exclusive use of accrual accounting
- Only long-term transactions
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Question 6 of 10

6. Question
6.) Why is NAV important for investment funds?
- It determines the annual income of the fund
- It reflects the total shareholder equity position
- It dictates the daily trading price of fund shares
- It assesses the fund's marketing performance
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Question 7 of 10

7. Question
7.) How does Accrual Accounting differ from Cash Accounting?
- Recognizes income when cash is received.
- Recognizes expenses when liabilities are incurred.
- Recognizes revenue when earned, regardless of cash flow.
- Records transactions only when cash changes hands
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Question 8 of 10

8. Question
8.) What is the purpose of a Valuation Report?
- To determine the fair market value of an asset.
- To list financial transactions.
- To calculate the total liabilities.
- To estimate future earnings.
Correct

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Question 9 of 10

9. Question
9.) Why is the Net Asset Value per Share (NAVPS) critical for open-end funds?
- It determines the total revenue.
- It sets the market price for fund shares.
- It dictates the frequency of fund reporting.
- It calculates the liabilities of the fund.
Correct

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Question 10 of 10

10. Question
10.) What does the term “Exception” refer to in accounting and reporting?
- Regular, expected reports.
- Unusual occurrences that need validation.
- Daily transaction records.
- Routine data refresh.
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