1) 1) Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (or Dodd-Frank). Which of the following are two of the important provisions of Dodd-Frank? A) Clawback and dividend mandate. B) Whistleblower and dividend mandate. C) Clawback and whistleblower. D) Whistleblower and shareholder loss limitation. E) Dividend mandate and shareholder loss limitation. 2) 2) The description of the relation between a company's assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the: A) Business equation. B) Income statement equation. C) Accounting equation. D) Return on equity ratio. E) Net income. 3) If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be: A) One asset increases $4,500 and another asset decreases $4,500. B) Equity decreases $4,500 and liabilities increase $4,500. C) Assets increase $4,500 and liabilities increase $4,500. D) Equity increases $4,500 and liabilities decrease $4,500. E) Assets increase $4,500 and liabilities decrease $4,500. 4) 4) The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A) Objectivity principle. B) Going-concern assumption. C) Monetary unit assumption. D) Business entity assumption. E) Measurement (Cost) Principle. 39) The statement of retained earnings: A) Reports changes in equity due to net income, net losses and dividends. B) Reports on amounts for assets, liabilities, and equity at a point in time. C) Reports on cash flows for operating, financing, and investing activities at a point in time. D) Reports on cash flows for operating, financing, and investing activities over a period of time. E) Reports changes in equity due to stockholder investments. 40) 40) A general journal provides a place for recording all of the following except: A) The amount of each debit and credit. B) The balance in each account. C) The transaction date. D) The names of the accounts involved. E) An explanation of the transaction