1.Which accounting assumption assumes that all accounting information is reported monthly or yearly?

Business entity assumption

Monetary unit assumption

Value assumption

Cost assumption

Time period assumption

2.

Which of the following statements is correct?

The left side of a T-account is the credit side

Debits decrease asset and expense accounts and increase liability, equity and revenue accounts

The left side of a T-account is the debit side

Credits increase asset and expense accounts and decrease liability, equity and revenue accounts

In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction

3.

The quick assets are defined as:

Cash, short-term investments and inventory

Cash, short-term investments and current receivables

Cash, inventory and current receivables

Cash, noncurrent receivables and prepaid expenses

Accounts receivable, inventory and prepaid expenses

4.