10. Net loss will result if gross profit does not exceed: A. Purchases. B. Cost of goods sold. C. Revenues. D. Cost of goods sold plus operating expenses. E. Operating expenses.

11. Which of the following is most likely to appear first on the balance sheet A. Intangible Assets B. Property, Plant, and Equipment, C. Accounts Payable D. Dividends E. Accounts Receivable

12. On August 1, 2023, RMB LLC pays for a 12-month insurance contract that starts on September 15, 2023. Which type of adjusting entry would be needed to ensure that Net Income is appropriate under financial accounting during the year? A. Accrued Expenses B. Prepaid Expenses C. Accrued Revenues D. Unearned Revenues E. None of the Above