1. Multiple choice (205) fil Net income will rewlt during a time period when. A. assets mateed labilities B. assets exceed revenues. C expenses exceed revenues. D. reverwes exceed expenses. (21) Which of the following financial stabements is prepared as of a specific date? A. Balance sheet. B. Income statement. C. Petained earnings statement. D. Statement of cash flows: 53Phich of the following is not affected by the imventory valuation method used by a business? A. Amounts owned for income taxes B. Cost of merchandise sold C. Amounts paid to acquire merchandise D. Net income of the business UIThe principle or cancept that bolds that an estity will remain in opecation for the foreseeable future as the A. poing-concern concept B. stable-monetary-unit concept C. reliabity principle D. cost principle 45. Which of the following is not a non-current liability? A. Bonds payable B. Curnent maturities of long-term obiigations. C. Long term notes payable D. Mortgages payable (ii. Which of the following accounts has a nonmal debit balance? A. Rent Empense B. Withdrawah C. Service Aevenue D. Beth A and B [Tithe cost of goods sold is determined and recorded each time a sale occurs in A. periodic inventary system anly. B. a perpetual inventory system only. C. both a periodic and perpetual incentory system. D. nether a periodic nor perpetual imventary sysem. isithe time period assumption states that. A. eevenue should be recogeribed in the accounting period in which is is earned. 8. expenses should be matched with revenues. C the economic life of a buainess can be divided into artificial time periods. D. the fiscal year should correspond with the calendar year. (9)in a perpetual ieventory system, a return of defective merchandise by a purchaser as recorded by crediting A. purchases B. purchase iscturns C. purchase Allowance D. merchandise inventory [10\%eve income is shown on a werksheet in the A. income statement debit column only. B. statement of financial position debit column only. C. income statement tredit column and statement of financial position debit column. D. income statement debit column and statement of financial position credit column