ArticleACC290 – Principles of Accounting I – Final Exam Study Guide4.txt

ACC290 Guidelines of Accounting I : Final Exam Study Guide �
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 simple financial records
be prepared?
Deb. Income statement, capital statement, balance sheet, and statement of cash
flows
three or more. In classifying transactions, which of the following is true in
regard to assets?
4. An increase in an expense account must be
Deb. capitalized
five. ABC Corporation issues 95 shares of $1 optimal common inventory at $5 per
show, which in the following may be the correct diary entry?
Cash | $500 | |
Paid-in Capital, Excess of Doble | | $400 |
Common Stock | | $100 |
6. In the first month of functions, the total in the debit records to the cash
account amounted to $1, 400 plus the total belonging to the credit items to the
funds account amounted to $600. The cash bill has a
7. Which in turn ledger is made up of control accounts?
Deborah. General earnings and expenditure ledger
eight. Smith is actually a customer of ABC Company. Smith typically purchases
products from FONEM on accounts. Which ledger would POKOK use to check the
details of Smith s bill? �
9. Underneath the cash basis of accounting

A. revenue is usually recognized once services happen to be performed
C. expenses happen to be matched while using the revenue that is certainly
produced
C. cash has to be received ahead of revenue is normally recognized
Debbie. a offer to fork out is sufficient to acknowledge revenue