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4. The activity-based budgeting system emphasizes A) the resources needed by a company B) the preparation of budgets by function C) the attainment of long-range goals D) activities and their consumption of resources 5. An entity's economic obligations to non-owners are called A) owners' equity B) liabilities C) assets D) retained earnings 6. Cash collections from customers who purchased goods on credit wil decrease A) Accounts Receivable B) Accounts Payable C) Cash D) Retained Earnings