WALL STREET PREP
ACCOUNTING CERTIFICATION
EXAM
QUESTIONS AND CORRECT
ANSWERS TESTED AND
APPROVED!!!
Income Statement - ANS✔✔--depicts the revenues and expenses of a
company over a given time period
Revenue - ANS✔✔--proceeds from the goods or services offered for
sale by a company
Page 1 of 10
, Cost of Goods Sold - ANS✔✔--Represents the cost of manufacture or
procurement for goods or services that generate revenue (cost of
inventory, factory overhead, raw materials, direct labor costs,
depreciation of fixed assets)
Gross Profit - ANS✔✔--Revenue-Cost of Goods Sold, i.e. profit only
after direct expenses have been calculated
Selling, General and Administrative Expenses - ANS✔✔--costs not
directly associated with manufacture or procurement of revenue
driving goods or services
Research and Development Expenses - ANS✔✔--costs associated with
developing new products or procedures
Depreciation - ANS✔✔--a portion of the expense incurred by
purchasing revenue generating assets such as equipment. quantifies
"wear and tear"
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ACCOUNTING CERTIFICATION
EXAM
QUESTIONS AND CORRECT
ANSWERS TESTED AND
APPROVED!!!
Income Statement - ANS✔✔--depicts the revenues and expenses of a
company over a given time period
Revenue - ANS✔✔--proceeds from the goods or services offered for
sale by a company
Page 1 of 10
, Cost of Goods Sold - ANS✔✔--Represents the cost of manufacture or
procurement for goods or services that generate revenue (cost of
inventory, factory overhead, raw materials, direct labor costs,
depreciation of fixed assets)
Gross Profit - ANS✔✔--Revenue-Cost of Goods Sold, i.e. profit only
after direct expenses have been calculated
Selling, General and Administrative Expenses - ANS✔✔--costs not
directly associated with manufacture or procurement of revenue
driving goods or services
Research and Development Expenses - ANS✔✔--costs associated with
developing new products or procedures
Depreciation - ANS✔✔--a portion of the expense incurred by
purchasing revenue generating assets such as equipment. quantifies
"wear and tear"
Page 2 of 10
