5. The co A) rrect order to present current assets is cash, accounts receivable, invern B) cash, inventories, accouint tems,accounts rece tories tories, prepaidts , prepaid items. C) ca ivable sh, inventories, prepaid items, accounts rece b) cash, accounts receivable, prepaid iterms, inventories you invest $50,000 to earn 8% interest, which of the following compounding approaches would return the lowest amount after one A) Annually.$4OGs B) Quarterly. C) Daily D) Monthly. year? 7. Each of the following are true of the Securities and Exchange Commission except that the FASB relies on the SEC to develop B) the SEC requires registrants to adhere to GAAP accounting standards involvement in the development of accounting standards varies. D) it is a federal agency 8. The quality of information that means the numbers and descriptions match what really existed or happened is A) neutrality B) relevance. C faithful representation. D) completeness 9. Accounting information is considered to be relevant when it is understandable by reasonably informed users of accounting information. can be depended on to represent the economic conditions and events that it is intended to represent. is verifiable and neutral. is capable of making a difference in a decision. A) B) C) D 10. Long-term liabilities include A) deferred income taxes and most lease obligations. B) obligations not expected to be liquidated within the operating cycle. C) obligations payable at some date beyond the operating cycle. D) all of these answer choices are correct. Page 2