13-The usual sequence of steps in the transaction recording process is

a- Analyze, journalize, post to the ledger.

b- Journalize, post to the ledger, analyze.

c- Post to the ledger, journalize, analyze.

d- journalize, analyze, post to the ledger

14-Under the expense recognition principle expenses are recognized when

a- They contribute to the production of revenue.

b- They are paid

c- The invoice is received.

d- They are billed by the supplier

15-The revenue recognition principle dictates that revenue should be recognized in the accounting records:

a- In the period that income taxes are paid.

b- At the end of the month.

c- When cash is received.

d- When the performance obligation is satisfied.

16-Merchandising companies that sell to retailers are known as

a- Wholesalers.

b- Service Firms.

c- Brokers.

d- Corporations.

17-Gross profit equals the difference between

a- Sales revenue and cost of goods sold plus operating expenses.

b- Net income and operating expenses.

c- Sales revenue and cost of goods sold.

d- Sales revenue and operating expenses.