10.To record the following event: ABC Hired an employee to be paid $400 per week, starting tomorrow:(2 Points)

Accounts payable will be credited for 400

Salary expense will be debited for 400

Salary expense will be credited for 400

No entry

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11.What is the periodicity assumption?(2 Points)

The economic life of a business can be divided into artificial time periods.

Companies should match expenses with revenues.

Companies should recognize revenue in the accounting period in which the performance obligation is satisfied.

The fiscal year should correspond with the calendar year.

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14.When credit terms of 1/45, n/120are offered, how long is the discount period?(2 Points)

1 day

45 days

15 days

120 days