1. The collective set of accounting rules currently used in this country is referred to as

Multiple Choice

• IASB.

• FASB.

• GAAP.

• IFRS.

2.

Griffin, Inc. receives an electricity bill for September that will be paid in October. Utilities expense will be debited in October when the bill is paid.

True or False

3.

\upplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. To correct this error:

Multiple Choice

• debit Supplies for $400 and credit Cash for $400.

• debit Supplies for $200 and credit Utilities Expense for $400.

• debit Supplies for $200 and credit Utilities Expense for $200.

• do nothing as no correcting entry is needed.