9. K V- 9 Part F 'sas by external parties that must be paid back in the Pride (Le prepaid ret) are incred but not yet paid or recorded expects incurred when providing goods and services, 3. The Tech Helped a computer for $3,000. The retail value of the computer pe 1.500 however, it is projected that the computer will have a mark var fly $2.00 ond year from now. On the date of the purchase, the cost princip that the computer be reconded for $3.500 P4 The acts receivable account carries a normal credit balance. Summary accounting is the foundation of accurate financial reporting and analysis. Multiple Choice: Write your answers on the answer sheet. is a government entity that oversees publicly-traded companies and admin laws dealing with the interstate sale of stocks and bonds, The Generally Accepted Accounting Principles & Securities and Exchange Commission e Internal Revenue Service. d Financial Accounting Standards Board 7. A is a form of business organization in which profits are taxed twice: first as business income and then as the taxable income of individual shareholders. a general partnership b. sole proprietorship limited liability company corporation 8. Which of the following is not an acceptable statement of the basic accounting equat a assets-liabilities stockholders' equity 6 assets liabilities- stockholders' equity NOO c. assets liabilities + stockholders' equity d. assets-stockholders' equity liabilities Assets = Liah + 0 is a system of accounting in which every transaction affect and is recorded least two accounts, and the debits of the entry must equal the credits of the entry a. accrual basis accounting b. cash basis accounting double entry accounting compound accounting