1) What is the order to complete financial statements in? a) IS, SOE, BS, SCF b) BS, IS, SOE SCF c) SOE, IS, SCF, BS d) There is no order 2) What does an income statement to? a) Financial success from day to day operations b) Shows how much cash is on hand c) Checks to see debits= credits d) Checks to see if Assets= Liabilities + Equity 3) What does a statement of cash flow do? a) Shows how a farm managed its cash b) Shows the overall health of the business c) Checks debits and credits d) Sums up all the journal entries 4) What is book value? a) How much we originally bought an asset for b) What the asset is actually worth right now c) Salvage value d) Accumulated depreciation 5) What must be completed before the financial statements? a) The trial balance b) The balance sheet c) The chart of accounts d) The income statement

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