Advanced Accounting BPA Study
Guide. Newest 2026-2027. Questions
and Correct Answers. Graded A
Account - ANSA record that summarizes all the transactions pertaining to a
single item in the accounting equation
Accounting cycle - ANSThe series of accounting activities included in
recording financial information for a fiscal period
Accounting Equation - ANSAssets = Liabilities + Owner's Equity
Accounts Recievable Turnover Ratio - ANSNet Sales/Average Accounts
Receivable
Accrued expenses - ANSexpenses incurred in one fiscal period but not yet
paid until a later fiscal period
Accrued revenue - ANSrevenue earned in one fiscal period but not
received until a later fiscal period
Adjusted trial balance - ANSA trial balance prepared after adjusting entries
are posted
1
,Adjusting enteries - ANSjournal entries recorded to update general ledger
accounts at the end of a fiscal period
Aging of accounts receivable - ANSanalyzing accounts receivable
according to when they are due
Allowance method - ANScrediting the estimated value of uncollectible
accounts to a contra account
Amortization schedule - ANSa schedule of periodic payments on a note
Articles of incorporation - ANSa legal document that identifies basic
characteristics of a corporation
Assed value - ANSThe value of an asset determined by tax authorities for
the purpose of calculating taxes
Asset - ANSAnything of value that is owned
Automatic check deposit - ANSDepositing payroll checks directly to a bank
account
Board of directors - ANSa group of persons elected by the stockholders to
govern a corporation
Bond - ANSa long-term promise to pay a specified amount on a specified
date and to pay interest at stated intervals
2
, Bond issue - ANSa bond representing the total amount of a loan
Book value - ANSthe difference between an asset's account balance and
its related contra account balance
Book value of a plant asset - ANSthe original cost of a plant asset minus
accumulated depreciation
Breakage - ANSThe value of unredeemed gift cards
Capital expenditures - ANSpurchases of plant assets used in the operation
of a business
Capital stock - ANStotal shares of ownership in a corporation
Cash discount - ANSA deduction that a vendor allows on the invoice
amount to encourage prompt payment
Cash equivalents - ANSshort-term, highly liquid investments that can be
readily converted to a specific amount of cash and which are relatively
insensitive to interest rate changes
Cash flow - ANSthe cash receipts and cash payments of a company
Charter - ANSa state issued document which provides businesses with the
legal right to conduct operations as a corporation
3
Guide. Newest 2026-2027. Questions
and Correct Answers. Graded A
Account - ANSA record that summarizes all the transactions pertaining to a
single item in the accounting equation
Accounting cycle - ANSThe series of accounting activities included in
recording financial information for a fiscal period
Accounting Equation - ANSAssets = Liabilities + Owner's Equity
Accounts Recievable Turnover Ratio - ANSNet Sales/Average Accounts
Receivable
Accrued expenses - ANSexpenses incurred in one fiscal period but not yet
paid until a later fiscal period
Accrued revenue - ANSrevenue earned in one fiscal period but not
received until a later fiscal period
Adjusted trial balance - ANSA trial balance prepared after adjusting entries
are posted
1
,Adjusting enteries - ANSjournal entries recorded to update general ledger
accounts at the end of a fiscal period
Aging of accounts receivable - ANSanalyzing accounts receivable
according to when they are due
Allowance method - ANScrediting the estimated value of uncollectible
accounts to a contra account
Amortization schedule - ANSa schedule of periodic payments on a note
Articles of incorporation - ANSa legal document that identifies basic
characteristics of a corporation
Assed value - ANSThe value of an asset determined by tax authorities for
the purpose of calculating taxes
Asset - ANSAnything of value that is owned
Automatic check deposit - ANSDepositing payroll checks directly to a bank
account
Board of directors - ANSa group of persons elected by the stockholders to
govern a corporation
Bond - ANSa long-term promise to pay a specified amount on a specified
date and to pay interest at stated intervals
2
, Bond issue - ANSa bond representing the total amount of a loan
Book value - ANSthe difference between an asset's account balance and
its related contra account balance
Book value of a plant asset - ANSthe original cost of a plant asset minus
accumulated depreciation
Breakage - ANSThe value of unredeemed gift cards
Capital expenditures - ANSpurchases of plant assets used in the operation
of a business
Capital stock - ANStotal shares of ownership in a corporation
Cash discount - ANSA deduction that a vendor allows on the invoice
amount to encourage prompt payment
Cash equivalents - ANSshort-term, highly liquid investments that can be
readily converted to a specific amount of cash and which are relatively
insensitive to interest rate changes
Cash flow - ANSthe cash receipts and cash payments of a company
Charter - ANSa state issued document which provides businesses with the
legal right to conduct operations as a corporation
3
