5. The owner of a dry cleaning business maintains separate checkbooks for his business and his personal affairs. The best describes an application of the: a. b. c. d. Business entity concept Going concern concept Monetary unit concept Periodicity concept 6. FOB shipping point indicates that goods in transit legally belong to the: a. Seller b. Buyer c. Common carrier (truck line or railroad) d. Either the buyer or seller depending upon the terms of the bill of lading 7. Which of the following events results in an expense event? a. Paid for merchandise previously purchased on account b. Received the utility bill but did not yet pay it c. Paid rent for the next three months d. Provided services to a client