ACC 250
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4.1	Learning Objective 4-1 
 
1)	The balance sheet is the first financial statement that is prepared at the end of the period. 
Answer: FALSE 
 
2)	The statement of retained earnings shows how retained earnings changed during the period due to acquiring assets and paying liabilities. 
Answer: FALSE 
 
3)	In a balance sheet, prepared under IFRS guidelines, cash is often shown as one of the last assets listed. 
Answer: TRUE 
 
4)	Assets and liabilities are presented in a different order on a balan...
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ACC 250•ACC 250
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4.1	Learning Objective 4-1 
 
1)	The balance sheet is the first financial statement that is prepared at the end of the period. 
Answer: FALSE 
 
2)	The statement of retained earnings shows how retained earnings changed during the period due to acquiring assets and paying liabilities. 
Answer: FALSE 
 
3)	In a balance sheet, prepared under IFRS guidelines, cash is often shown as one of the last assets listed. 
Answer: TRUE 
 
4)	Assets and liabilities are presented in a different order on a balan...
This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
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ACC 250•ACC 250
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This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This study source was downloaded by from CourseH on 05-02-2022 12:39:36 GMT -05:00 
 
 
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B)	internet protocol 
C)	printer 
D)	router Answer: A 
 
Which of the following is an output device in an accounting information system? 
A)	keyboard 
B)	internet protocol 
C)	printer 
D)	mouse Answer: C 
 
Which of the following is true of outputs in an accounting information system? 
A)	In a manual system, reports and financial statements must be created using Word documents, Excel spreadsheets, or PowerPoint. 
B)	In a computerized system, the software can generate reports instantaneously that...
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ACC 250•ACC 250
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B)	internet protocol 
C)	printer 
D)	router Answer: A 
 
Which of the following is an output device in an accounting information system? 
A)	keyboard 
B)	internet protocol 
C)	printer 
D)	mouse Answer: C 
 
Which of the following is true of outputs in an accounting information system? 
A)	In a manual system, reports and financial statements must be created using Word documents, Excel spreadsheets, or PowerPoint. 
B)	In a computerized system, the software can generate reports instantaneously that...