54. Which of the following does NOT represent an acceptable presentation of the Balance Sheet equation? Answers: a. Assets Liabilities = Owners Equity b. Assets = Liabilities + Capital Stock + Capital Contributed in Excess of Par Value + Retained Earnings c. Assets = Equity d. All of the above are acceptable. 55. Which of the following liabilities would be accounted for at the present value of future cash payments? Answers: a. Accounts Payable b. Bonds Payable c. Income Taxes Payable d. Advances from Customers 56. The process of recording transactions in the general journal or in a special journal is called ________________. Answers: a. journalizing b. posting c. financial reporting d. cash reporting 57. Which of the following is a type of liquid asset, such as a demand deposit? Answers: a. Cash b. Notes Receivable c. Accounts Receivable d. Fixed Assets 58. Which of the following statements about the rules of debit and credit is incorrect? Answers: a. Credits always mean decreases. b. Debits reduce shareholders equity. c. Assets have debit balances. d. Debits are always recorded on the left.