26.

Which of the following is an example of intellectual property?

• the operations of the business
• the physical product that your company makes
• a company's reputation
• a company's name

27.

Which of the following is NOT an estimated liability?

• warranties
• employee retirement plans
• property taxes
• sales tax

28.

The most important reason to have an external audit done of a company's financial statements is

so that company leaders can see how well their business is doing and where there may be room for improvement.

so that potential investors known that the company has taken every possible step to ensure the accuracy of the financial information that the company has provided.

so that company leaders can analyze financial growth in order to maximize profits for the upcoming quarter

so that regulators can review the practices of the company and ensure that the those practices are legally compliant.

29.

The balance sheet equation requires that

• owner's equity = liabilities - assets
• owner's equity = assets + liabilities
• assets = owner's equity - liabilities
• assets = liabilities + owner's equity

30.

Which of the following is an example of a plant asset?

• the improvements you made to the leased factory building, in which you make the good your company sells
• the raw materials used to the make the good your company sells
• the electricity that powers the factory that produces your good
• the workers in your factory that produce the good your company makes