1) Which financial statement is used to determine cash generatedfrom operations?
2) In terms of sequence, in what order must the four basicfinancial statements be prepared?
3. In classifying transactions, which of the following is true inregard to assets?
4. An increase in an expense account must be
5. ABC Corporation issues 100 shares of $1 par common stock at $5per share, which of the following is the correct journal entry?
6. In the first month of operations, the total of the debit entriesto the cash account amounted to $1,400 and the total of the creditentries to the cash account amounted to $600. The cash account hasa
7. Which ledger contains control accounts?
8. Smith is a customer of ABC Corporation. Smith typicallypurchases merchandise from ABC on account. Which ledger would ABCuse to keep track of the details of Smithâs 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 laundrysupplies on June 2 and recorded the purchase as an asset. On June30, an inventory of the laundry supplies indicated only $2,000 onhand. The adjusting entry that should be made by the company onJune 30 is
12. Greese Company purchased office supplies costing $4,000 anddebited Office Supplies for the full amount. At the end of theaccounting period, a physical count of office supplies revealed$1,100 still on hand. The appropriate adjusting journal entry to bemade at the end of the period would be
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