6. Which of the following should not be included in the physical inventory of a company? a) Goods held on consignment from another company b) Goods shipped on consignment to another company. c) Goods in transit from another company shipped FOB shipping point. d) None of the above. 7. Accounts and notes receivable are reported in the current assets section of the balance sheet at: a) cash (net) realizable value b) net book value c) lower-of-cost-or-market value d) invoice cost 8. The purchase of supplies on account should result in: a) a debit to Supplies Expense and a credit to Cash. b) a debit to Supplies Expense and a credit to Accounts Payable. c) a debit to Supplies and a credit to Accounts Payable. d) a debit to Supplies and a credit to Accounts Receivable. 9. A trial balance: a) is a list of accounts with their balances at a given time. b) proves the mathematical accuracy of journalized transactions. c) will not balance if a correct journal entry is posted twice. d) proves that all transactions have been recorded. 10. Which of the following is not a step in the accounting process? a) Verification b) identification. c) recording. d) communication.