4/64 dentify the account used by businesses to record the transfer of assets from a business to its owner for personal use: A. A revenue account B. The dividends account. C. The common stock account D. An expense account. E. A liablity account 5/65 Identify the statement below that is corect A. When a future expense is paid in advance, the payment is normally recorded in a lability account called Prepald Expense B. Promises of fubure payment by the customer are called accounts receivable C. Increases and decreases in cash are always recorded in the common stock account D. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business. E. Accrued liabilities include accounts receivable /66 Uneamed revenues are generaly A. Revenues that have been earned and received in cash B. Revenues that have been eaned but not yet collected in cash C. Liabilities created when a customer pays in advance for products or services before the revenue is earned D. Recorded as an asset in the accounting records. E. Increases to stockholders equity 7/67 Prepaid expenses are generaly A Payments made for products and services that do not ever expire. B. Classfied as iabilities on the balance sheet C. Decreases in equity. D. Assets that represent prepayments of future expenses E. Promises of payments by customers