1. In Managerial accounting, companies must record transactions following the standards defined in GAAP. Yes or No? 2. This body, _requires that managers of companies take responsibility for the accuracy and completeness of their financial reports 3. If a company has total assets of $250,000 liabilities of $0, how much is the company's Equity? $ 4. Account Payable is recorded as assets in a company's Balance Sheet. True or False? 5. Using the accounting equation, the entry to record sales revenue on account increases assets and 6 The journal entry to record the contribution of $10,000 cash by the owner of a company increases assets and also increases 7. The journal entry to record the payment on account of $5,000 decreases both assets and 8. Articulate (i.e., state)the formula to calculate Gross Profit. 9. The statement of financial position is referred as 10. In the normal trade of business, the amount owed to a company by its customers is called