2. A journal entry must consist of a. a single debit entry and a single credit entry. b. two credit entries if they are the same amounts. c. any combination of debit and credit entries as long as the number of debits entries equals the number of credits entries. d. any combination of debit and credit entries as long as the total dollar amounts of debits equals the dollar amounts of credits. 3. What is Auditing? a. Certifying the financial soundness of an enterprise by examining its accounting records. b. Minimizing the risk perceived with the cost and allocation of capital. c. Examining the accounting records of an enterprise to ensure the fairness and reliability of its financial statements. d. Monitoring the financial performance of an enterprise. 4. Who uses accounting information? a. External Users b. Internal Users c. Governmental Agencies d. All of the above 5. John Doe has a bank account and owns a restaurant, a supermarket, and a Carvel ice cream store. How many accounting entities are there? a. b. 2 C. d. 4 e. 6. You are given the following information: Current Assets, $10,000; Current Liabilities, S15,000; Plant and Equipment, $40,000; and Owner Equity, $30,000. What are Long-Term Liabilities? a. $5,000 b. $10,000 c. $15,000 d. $20,000 7. Which of the following is not a current asset? a. Sales b. Accounts Receivable c. Notes Receivable d. Cash e. Inventory