Test Quiz

This type of accounting is when revenues are recorded when earned or billed, and expenses
are recorded when incurred or acquired.

A summary of a community association's financial position at a given point in time is called:

The funds used for the daily operations of the association is called?

TRUE or FALSE: The costs of goods and services used to operate and maintain the community association are called "revenue."

A budget planning tool that identifies the current status of the reserve fund and a stable and equitable funding plan to offset anticipated future major expenditures is called?

TRUE or FALSE: Cash accounting is when revenue is recorded when received and expenses are recorded when paid.

TRUE or FALSE: The CAM is responsible for notifying accounting when an expense
is no longer to be accrued.

The most appropriate funds used for major repairs and replacements are also known as?

If a community association manager can analyze and interpret basic financial records, the manager is better able to:

TRUE or FALSE: A General Ledger is a record of all association financial transactions grouped by account number and/or category.