FINANCIAL ACCOUNTING
FINAL EXAM
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, Question 1
What is financial accounting?
Correct Answer
A specialized branch of accounting that keeps track of company's financial transactions.
Question 2
The Accounting Cycle
Correct Answer
ANALYZE (transactions), RECORD (journal entries in the general journal), POST (amounts to the general ledger)
Question 3
List of Financial Statements:
Correct Answer
1. Balance Sheet (BS)
2. Income Statement (IS)
3. Statement of Stockholders Equity (SOS)
4. Statement of Cash flow (SOCF)
Question 4
Financial Accounting Standards Board (FASB)
Correct Answer
Sets the accounting standards from SEC
Question 5
Securities & exchange commission (SEC)
Correct Answer
Protect Investors. Maintain fair, orderly, and efficient markets, Facilitate capital formation.
Question 6
Retained Earnings Formula
Correct Answer
Beginning Revenue + Net Income - Dividends = Ending Revenue
Question 7
Operating Income Formula
Correct Answer
Net Sales - Cost of Goods Sold - Operating Expenses = Operating Income
Trusted by thousands of students and professionals worldwide Page 2 of 6
FINAL EXAM
30+ (Latest 2025-2026 Edition) 100%
Verified Q&A + Answer Key Solutions
100% Guarantee Pass
✓ This Exam contains: Financial Accounting Final Exam
✓ 100% Accurate Questions and Answers
✓ 100% Guarantee Pass - Verified by Experts
✓ Each Question Includes The Correct Answer
✓ Expert-Verified
Trusted by thousands of students and professionals worldwide Page 1 of 6
, Question 1
What is financial accounting?
Correct Answer
A specialized branch of accounting that keeps track of company's financial transactions.
Question 2
The Accounting Cycle
Correct Answer
ANALYZE (transactions), RECORD (journal entries in the general journal), POST (amounts to the general ledger)
Question 3
List of Financial Statements:
Correct Answer
1. Balance Sheet (BS)
2. Income Statement (IS)
3. Statement of Stockholders Equity (SOS)
4. Statement of Cash flow (SOCF)
Question 4
Financial Accounting Standards Board (FASB)
Correct Answer
Sets the accounting standards from SEC
Question 5
Securities & exchange commission (SEC)
Correct Answer
Protect Investors. Maintain fair, orderly, and efficient markets, Facilitate capital formation.
Question 6
Retained Earnings Formula
Correct Answer
Beginning Revenue + Net Income - Dividends = Ending Revenue
Question 7
Operating Income Formula
Correct Answer
Net Sales - Cost of Goods Sold - Operating Expenses = Operating Income
Trusted by thousands of students and professionals worldwide Page 2 of 6