ACC290 Principles of Accounting I Final Exam Study Guide

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ACC290 - Principles 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

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

A. Balance sheet, income statement, statement of cash flows, and capital statement

B. Income statement, capital statement, statement of cash flows, and balance sheet

C. Balance sheet, capital statement, statement of cash flows, and income statement

D. Income statement, capital statement, balance sheet, and statement of cash flows

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

A. Normal balances and...

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