CBAD 201 Financial Accounting Final Exam
Practice – Study Guide & Sample Questions
Accounting Equation - ANSWER ✨✔---Assets = Liabilities + Equity
Income Statement - ANSWER ✨✔---reports operating performance (expenses, revenues, gains &
loses)
Statement of Retained Earnings - ANSWER ✨✔---reports what was done with the net income (
Balance Sheet - ANSWER ✨✔---reports financial position (types of amounts of assets, liabilities, &
equity) at point in time
Statement of Cash Flows - ANSWER ✨✔---reports cash receipts and cash payments classified
according to the entity's major activities: operating, investing, and financing
Current Liabilities, Receivables, Prepaid Expenses, & Accumulated Depreciation - ANSWER ✨✔---
belongs on the balance sheet
Repayments of borrowed funds & Net increase or decrease in cash - ANSWER ✨✔---belongs on
the statement of cash flows
Cost of Goods Sold &
Interest Expense - ANSWER ✨✔---belongs of the income statement
Practice – Study Guide & Sample Questions
Accounting Equation - ANSWER ✨✔---Assets = Liabilities + Equity
Income Statement - ANSWER ✨✔---reports operating performance (expenses, revenues, gains &
loses)
Statement of Retained Earnings - ANSWER ✨✔---reports what was done with the net income (
Balance Sheet - ANSWER ✨✔---reports financial position (types of amounts of assets, liabilities, &
equity) at point in time
Statement of Cash Flows - ANSWER ✨✔---reports cash receipts and cash payments classified
according to the entity's major activities: operating, investing, and financing
Current Liabilities, Receivables, Prepaid Expenses, & Accumulated Depreciation - ANSWER ✨✔---
belongs on the balance sheet
Repayments of borrowed funds & Net increase or decrease in cash - ANSWER ✨✔---belongs on
the statement of cash flows
Cost of Goods Sold &
Interest Expense - ANSWER ✨✔---belongs of the income statement
