ACC300 (ACC300)

1) Which of the following financial statements is divided into major categories of operation, investing, and financial activities? A. The income statement B. The Balance Sheet C. The retained earnings statement D. The statement of cash flows 2) If services are rendered on account, then A. Assets will decrease B. Liabilities will increase C. Stockholders’ equity will increase D. Liabilities will decrease 3) Using accrual accounting, expenses are recorded and reported only: A. When they a...