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3 Cards in this Set

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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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor

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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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor

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http://www.justassignment.com/ACC-290-Principles-of-Accounting-1-Final-Exam-30-MCQs-120.htm
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E-Mail us at Justassignment@gmail.com)



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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor

Download



Or Copy & paste below link in your Brower
http://www.justassignment.com/ACC-290-Principles-of-Accounting-1-Final-Exam-30-MCQs-120.htm
Or
Visit : www.JustAssignment.com
E-Mail us at Justassignment@gmail.com)



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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor

Download



Or Copy & paste below link in your Brower
http://www.justassignment.com/ACC-290-Principles-of-Accounting-1-Final-Exam-30-MCQs-120.htm
Or
Visit : www.JustAssignment.com
E-Mail us at Justassignment@gmail.com)



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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor

Download



Or Copy & paste below link in your Brower
http://www.justassignment.com/ACC-290-Principles-of-Accounting-1-Final-Exam-30-MCQs-120.htm
Or
Visit : www.JustAssignment.com
E-Mail us at Justassignment@gmail.com)



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
11. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and 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

12. Greese Company purchased office supplies costing $4,000 and 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
13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
Debit Credit Cash 781
Accounts receivable 1,049
Inventor