6. The owners of a corporation are re c) principles d) shareholders hen a business entity receives 51,000 cash from customers when services are performed: 7. W a) cash is decreased by $1,000 b) owner's equity is increased by $1,000 by $1,000 d) cash does not S. The chart of account is: a) a book containing the individual accounts of a business b) the book of original entry c) a system of organizing and numbering the accounts in the ledger d) a table that summarizes the responsibility of each account with its manager 9. Under FOB shipping point the seller remains with ownership of goods until the buyer receives them A. the buyer gains ownership of goods when public carrier accepts the goods from the seller the public carrier is the owner of the goods in transit 8. C. D. none of the above 10. When using the LIFO method the first goods to be sold are the latest goods purchased ending inventory is based on prices of the latest goods purchased ending inventory is based on prices of the oldest goods purchased a and c only A. B. C D. 11. Which of the following is true about just-in-time inventory? A. When using JIT inventory methods, goods are purchased of manufactured in advance B. Companies purchase or manufacture goods just in time for use C. JIT inventory methods are very costly and are not used often D. a and c only E. none of the above entory falls under what category on the balance sheet? A current assets 8 steckholders' equity c current Sabilities D. none of the above When applying the FIFO inventory cost method A the first good sold are the latest good purchased B. the ts cost of the earliest goods parchased are used first to when determining cost of C the prices for the latest goods purchased are used for ending inventory D. b and c both goods sold E. all of the above 14. The financial statement(s)? position of a company at a specific point in time is reported on which financial the statement of cash flows only the balance sheet only the income statement only a. b. the income statement, balance sheet, and statement of cash flows 15. A decrease in accounts receivable would be caused by which of the following transactions? A. collection of cash from previous sale a credit purchase B. C a cash sale D. a cash purchase 16. During times of rising prices the lowest taxable income taxes result from which of the following? A. last-in-first-out (IFO) 8. first-in-first-out (FIFO) C. weighted average D. average cost 17. Finished goods, work in process, and raw materials are classifications of inventory for what type of firm? A. Coca Cola Company B. Marcy's C. Ralph's grocery company D. Sears 18. Under FOB destination, title passes