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ACC 290 Final Exam 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 prep...

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  • acc 290 final exam 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 stat

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  • ACC 290 Final Exam Questions and answers 2022 update| 100% correct
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ACC 290 Final Exam

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, & capital statement
B. Income statement, capital statement, statement of cash flows, & balance sheet
C. Balance sheet, capital statement, statement of cash flows, & income statement
D. Income statement, capital statement, balance sheet, & statement of cash flows

3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances & increases are debits
B. Normal balances & decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits & increases can be debits or credits

4. An increase in an expense account must be
A. debited
B. credited
C. either debited or credited, depending on the circumstances
D. capitalized

5. ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the
following is the correct journal entry?
A. Cash $100, Common Stock $ 100
B. Cash $500, Common Stock $500
C. Cash $500, Paid-in-Capital, Excess of Par 400, Common Stock $ 500
D. Cash $100, Paid-in-Capital, Excess of Par 400, Common Stock $ 500

6. In the first month of operations, the total of the debit entries to the cash account amounted to
$1,400 & the total of the credit entries to the cash account amounted to $600. The cash account
has a
A. $600 credit balance
B. $1,400 debit balance
C. $800 debit balance
D. $800 credit balance

7. Which ledger contains control accounts?
A. Accounts receivable subsidiary ledger
B. General ledger
C. Accounts payable subsidiary ledger
D. General revenue & expense ledger



This study source was downloaded by 100000829818949 from CourseHero.com on 01-29-2022 03:54:50 GMT -06:00


https://www.coursehero.com/file/67073660/ACC-290-Final-Exam-Olddoc/

, 8. Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC
on account. Which ledger would ABC use to keep track of the details of Smith’s account?
A. Accounts receivable subsidiary ledger
B. Accounts receivable control ledger
C. General ledger
D. Accounts payable subsidiary ledger

9. Under the cash basis of accounting

A. revenue is recognized when services are performed
B. expenses are matched with the revenue that is produced
C. cash must be received before revenue is recognized
D. a promise to pay is sufficient to recognize revenue

10. Under the accrual basis of accounting

A. cash must be received before revenue is recognized
B. net income is calculated by matching cash outflows against cash inflows
C. events that change a company’s financial statements are recognized in the period they
occur rather than in the period in which the cash is paid or received
D. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial
statements are prepared under generally accepted accounting principles

11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 &
recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated
only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is

A. debit Laundry Expense, $2,000; credit Laundry Expense $2,000
B. debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500
C. debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000
D. debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500

12. Greese Company purchased office supplies costing $4,000 & debited Office Supplies for the
full amount. At the end of the accounting period, a physical count of office supplies revealed
$1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period
would be

A. debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100
B. debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900
C. debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900
D. debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100

13. Based on the account balance below, what is the total of the debit & credit columns of the
adjusted trial balance?




This study source was downloaded by 100000829818949 from CourseHero.com on 01-29-2022 03:54:50 GMT -06:00


https://www.coursehero.com/file/67073660/ACC-290-Final-Exam-Olddoc/

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