CPA EXAM A+ GRADE ASSURED COMPLETE SOLUTIONS AND VERIFIED ANSWERS

CPA EXAM
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Exam Solution
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Financial Accounting Final Exam 2026 A+ GRADE ASSU vc vc vc vc vc vc vc




RED COMPLETE SOLUTIONS AND VERIFIED ANSWERS (
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C7C88)




QUESTION 1 vc




Natural Balances vc




ANSWER

Assets - Debit Liabilities - Credit Stockholder's Equity - Credit Revenue - Credit Expense -
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Debit Dividends - Debit
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QUESTION 2 vc




Assets
ANSWER

things we own (cash, accounts receivable, supplies, inventory, land, buildings, equipment)
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QUESTION 3 vc




Liabilities
ANSWER

things we owe (accounts payable, notes payable, salaries payable, deferred revenue)
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QUESTION 4 vc




Stockholder's Equity vc




ANSWER

ownership (common stock, retained earnings)
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, QUESTION 5 vc




Order of Statements
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ANSWER

Income Statement Statement of Stockholder's Equity Statement of Cash Flows Balance Sheet
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QUESTION 6 vc




Net Income
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ANSWER

Revenue - Expenses = NI or EB - BB + D = NI
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QUESTION 7 vc




Liquidity
ANSWER

turning something into cash
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QUESTION 8 vc




Cash Equivalent
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ANSWER

short term investment with original maturity of 3 months or less (91 days or less)
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QUESTION 9 vc




Items Classified as Cash
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ANSWER

Coins & currency Checks Customer's payment using credit card Customer's payment using debit card Co
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mpany balances in banking accounts
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QUESTION 10 vc




Items Classified as Cash Equivalents
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ANSWER

Company money market account US Treasury Bills (T-
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bills) Commercial paper Certificates of Deposits (CD)
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