COB 241 FINAL REVIEW QUESTIONS FULL
2026 QUESTIONS WITH ANSWERS
GRADED A+
>> Natural Resources
Accumulated depreciation
Answer: Depletion expense
>> Materiality Principle
Answer: A financial amount is said to be a material if it can make a
difference and should be presented in financial statements
>> Financial accounting
Answer: Preparing statements for outsiders
>> Periodic Inventory System
BB + TI - EB = TO
Answer: Inventory is often physically counted
>> Buildings/equipment
Accumulated depreciation
Answer: Depreciation expense
>> Managerial accounting
Answer: Preparing statements for managers and executives
>> Gross Margin
Answer: total sales (revenue) - Cost of Goods Sold
, >> Operational Expenses
*Administrative - Associated with planning and managing a business. ex.
Information, budgeting
*General - All other expenses associated with day-to-day operations. ex. Hiring,
training, overseeing workforce
Answer: *Selling - Associated with finding and keeping customers happy.
Transportation out (FOB Destination) is selling expense if your're the seller
>> patients/copyrights
Amortization expense
Accumulated Depreciation
Answer: Identifiable lifespan
>> Non-operational expenses
Answer: Interest, Taxes, Depreciation, Amortization (reduction of an
intangible asset)
>> Balance sheet
Answer: Shows financial position at the end of reporting period *Assets =
Liabilities + Equity
>> Brands/goodwill
Impairment loss of the asset
Answer: Indeterminate lifespan
>> Purchase Order
Answer: A contract between 2 countries issued by the purchaser and
acknowledged by the seller.
>> Income Statement
* Net Income = Revenue - Expenses + gains/losses
Answer: Shows the result of operations monthly/quarterly/yearly
2026 QUESTIONS WITH ANSWERS
GRADED A+
>> Natural Resources
Accumulated depreciation
Answer: Depletion expense
>> Materiality Principle
Answer: A financial amount is said to be a material if it can make a
difference and should be presented in financial statements
>> Financial accounting
Answer: Preparing statements for outsiders
>> Periodic Inventory System
BB + TI - EB = TO
Answer: Inventory is often physically counted
>> Buildings/equipment
Accumulated depreciation
Answer: Depreciation expense
>> Managerial accounting
Answer: Preparing statements for managers and executives
>> Gross Margin
Answer: total sales (revenue) - Cost of Goods Sold
, >> Operational Expenses
*Administrative - Associated with planning and managing a business. ex.
Information, budgeting
*General - All other expenses associated with day-to-day operations. ex. Hiring,
training, overseeing workforce
Answer: *Selling - Associated with finding and keeping customers happy.
Transportation out (FOB Destination) is selling expense if your're the seller
>> patients/copyrights
Amortization expense
Accumulated Depreciation
Answer: Identifiable lifespan
>> Non-operational expenses
Answer: Interest, Taxes, Depreciation, Amortization (reduction of an
intangible asset)
>> Balance sheet
Answer: Shows financial position at the end of reporting period *Assets =
Liabilities + Equity
>> Brands/goodwill
Impairment loss of the asset
Answer: Indeterminate lifespan
>> Purchase Order
Answer: A contract between 2 countries issued by the purchaser and
acknowledged by the seller.
>> Income Statement
* Net Income = Revenue - Expenses + gains/losses
Answer: Shows the result of operations monthly/quarterly/yearly
