1. All of the following would result entries in assigning accumulated costs to the Work In Process Inventory except a. the purchase of raw materials. b. raw materials are used. c. overhead is applied. d. factory labor is used. 2. As of December 31, 2013, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2013, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2013? a. $324,400 b. $314,400 c. $313,600 d. $323,600 3. Borrowing money is an investing activity True False 4. Revenue is recognized within the income statement during the period in which cash is collected. True False 5. Which of the following describes the primary objective of the balance sheet? A. To measure the net income of a business up to a particular point in time. B. To report the difference between cash inflows and cash outflows for the period. C. To report the financial position of the reporting entity at a particular point in time. D. To report the market value of assets, liabilities, and stockholders' equity at a particular point in time