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

This preview shows page 1 - 3 out of 6 pages.

ACC290Guidelines of Accounting I : Final Exam Study Guide1 . Which financial statement is used to determine cash generated fromoperations?A. Income statementB. Statement of operationsC. Statement of cash flowsD. Retained earnings statement
2 . In terms of sequence, in what order must the four simple financial recordsbe prepared?Deb. Income statement, capital statement, balance sheet, and statement of cash
flowsthree or more. In classifying transactions, which of the following is true inregard to assets?
4. An increase in an expense account must be
Deb. capitalizedfive. ABC Corporation issues 95 shares of $1 optimal common inventory at $5 pershow, 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 cashaccount amounted to $1, 400 plus the total belonging to the credit items to thefunds 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 purchasesproducts from FONEM on accounts. Which ledger would POKOK use to check thedetails of Smiths bill?
9. Underneath the cash basis of accounting
A. revenue is usually recognized once services happen to be performedC. expenses happen to be matched while using the revenue that is certainlyproducedC. cash has to be received ahead of revenue is normally recognizedDebbie. a offer to fork out is sufficient to acknowledge revenue

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 6 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
One
Professor
N/A
Tags
Balance Sheet, Income Statement, Revenue, Generally Accepted Accounting Principles

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture