1. The concept of adequate disclosure A. does not apply to information which is immaterial. B. grants users of the financial statements access to a company's accounting records. C. does not apply to events occurring after the Statement of Financial Position date. D. specifies which accounting methods must be used in a company's financial statements. 2. At the end of October, Flagship Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction A. should not be recorded in the accounting records until November. B. causes a decrease in assets and in equity in November, when the bill is paid. C. should be recorded as an expense of October, regardless of the payment date. D. is recorded as a liability in October, but is not considered an expense until paid. 3. Double-entry accounting is characterized by which of the following? A. Every transaction affects both an asset account and either a liability account or an equity account. B. The number of ledger accounts with debit balances is equal to the number with credit balances. C. The total dollar amount of debit entries posted to the ledger is equal to the dollar amount of the credit entries. D. The number of debit entries posted to the ledger equals the number of credit entries