1 Which ONE of the following is DEBITED when recording the sale of inventory on account? Cach Inventory Cost of Goods Sold Sales Revenge Gain on Sale 2 Which ONE of the following correctly describes financial and/or managerial nocounting? Financial accounting is for external users Managerial accounting focuses on the statement of cash flow Financial accounting is no longer used in the United States Managerial accounting is based on FASB rules in the United States. 3. Which ONE of the following is a correct description of the IASB? TASB has tegal authority to establish financial accounting standards in the United States JASB is a subcommittee of the American Institute of Certified Public Accountants (AICPA). IASB works under the direction of the SEC, IASB is a private organization that establishes international accounting standards. 4. Which ONE of the following is part of the journal entry when recording the sale of a building for cash? Debit to Building Debit to Accumulated Depreciation Debit to Gain Debit to Cost of Goods Sold 5. Who pays the fee of the external auditor The RLS The SEC The company being audited The PASS