31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are needed to correctly measure the A) net income (loss) on the income statement C) ending balance in the Cash account B) beginning balance in the Cash account D) net income (loss) on the balance sheet 34) Which of the following financial statements would be most useful if an analyst wants to know the profitability of a company? A) balance sheet B) income statement C) statement of cash flows D) statement of retained earnings