ACC 290 Final Exam MCQ Solutions

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1) Which financial statement is used to determine cash generated from operations?

 

2) In terms of sequence, in what order must the four basic financial statements be prepared?

 

3. In classifying transactions, which of the following is true in regard to assets?

 

4. An increase in an expense account must be

 

5. ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

 

6. In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a

 

7. Which ledger contains control accounts?

 

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?

 

9. Under the cash basis of accounting:

10. Under the accrual basis of accounting:

 

the rest are in the solutions.

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    ACC 290 Final Exam MCQ Solutions ( 100% correct)
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