1- Earning revenue 1. decreases assets, increases liabilities 2. increases assets, increases owners equity. 3. increases one asset, decreases another asset 4. increases assets, decreases owner's equity 2- Financial reports are used by 1. management 2. all are correct 3. investors 4. creditors 3- Which of the following are guidelines for behaving ethically? I. Identify the consequences of a decision and its effect on others. II. Consider your obligations and responsibilities to those affected by the decision. III. Identify your decision based on personal standards of honesty and fairness. 1. II and III. 2. I and II. 3. I and III. 4. I, II, and III.