ACC 290 Final Exam study guide (A+ work here!) General Questions : General Academic Questions (

Jul 20th, 2016
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1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows 3. In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits B. Normal balances and decreases are credits C. Normal balances can either be debits or credits for assets D. Normal balances are debits and increases can be debits or credits 4. An increase in an expense account must be A. debited B. c

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ACC 290 Final Exam study guide (A+ work here!)General Questions : General Academic Questions (18)1) Which financial statement is used to determine cash generated from operations?A. Income statementB. Statement of operationsC. Statement of cash flowsD. Retained earnings statement2) In terms of sequence, in what order must the four basic financial statements be prepared?A. Balance sheet, income statement, statement of cash flows, and capital statementB. Income statement, capital statement, statement of cash flows, and balance sheetC. Balance sheet, capital statement, statement of cash flows, and income statementD. Income statement, capital statement, balance sheet, and statement of cash flows3. In classifying transactions, which of the following is true in regard to assets?A. Normal balances and increases are debitsB. Normal balances and decreases are creditsC. Normal balances can either be debits or credits for assetsD. Normal balances are debits and increases can be debits or credits4. An increase in an expense account must beA. debitedB. creditedC. either debited or credited, depending on the circumstancesD. capitalized5. ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journalentry?A. Cash $100Common Stock $100B. Cash $500Common Stock $500C. Cash $500Paid-in Capital, Excess of Par $400Common Stock $100D. Cash $100Paid-in Capital, Excess of Par $400Common Stock $5006. In the f

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