Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
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Exam Paper for Arts Leaders in Finance
Accounting Equation is a term that refers to a formula that is used to calculate
Review the topics for the midterms.
What is the difference between the accrual and cash accounting methods of accounting?
Statements of Financial Position
Be aware of the GAAP-required disclosures.
o Know what each one is called, what it does, and how it is used.
o Recognize the significance of the categories inside the assertions (i.e revenues, expense, assets, liabilities, operating, investing, financing, etc.)
o Determine whether they are for a specific length of time or a specific point in time.
o Recognize the names of some of the accounts that appear on each statement.
o What are the other names for these declarations used by non-profits?
o In a non-profit organization, what is the equivalent of retained earnings?
o Recognize accounts that are unique to non-profits
What is the name of the new GAAP-mandated additional statement (statement of functional expense)?
o What are the advantages of combining this statement with the other financial statements?
o Does it refer to a specific period of time or a specific point in time?
What is a ratio/variance analysis, and what does it measure?
Return on unconstrained net assets Current ratio Working capital Cash Debt Coverage Debt to Assets Ratio
Tax obligations of not-for-profits Does being a not-for-profit organization imply that you don’t have to pay any taxes?
Understanding transactions entails being able to manipulate the basic elements of the following entries (what accounts are affected, do they go up or down). Consider the results of your tabular analysis.
Receive a donation promise; later receive the money Receive subscription fees for the following year; subsequently perform one show
Purchase equipment with a note payable; Expense one month of its use Make a payment on the equipment note payable, including paying interest expense as well as principal Pay staff wages, withholding their taxes; Pay the withholdings to the government Accumulate employer related taxes; Pay the taxes to the government Purchase equipment with a note payable; Expense one month of its use
Purchase an annual insurance policy and record monthly expenses (when?) Recognize depreciation and when and how it is recorded
What is the difference between a cash budget and an accrual budget? Why is it beneficial?
Why should bank reconciliation be done on a regular basis? What other measures might you need to take after you’ve finished the reconciliation? (Fix problems on both sides by adjusting our records, calling the bank about unknown transactions, and so on.)
Understand the differences between: Unrestricted Temporarily Restricted Permanently Restricted Board Designated
Understand how operating (accrual) budgeting and forecasting are generated and used to manage an organization’s activities.
Analysis of the breakeven point When is this analysis necessary or beneficial? What are the differences between fixed and variable costs? What role do they play in this analysis? What else can help with decision-making in this area?
Why are internal controls so important? Take a look at a few samples.
Exam Paper for Arts Leaders in Finance
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Exam Paper for Arts Leaders in Finance |
Exam Paper for Arts Leaders in Finance