A purchase of office equipment for cash requires a credit to

a$.$ Cash

b$.$ Office Equipment

c$.$ Accounts Payable

d$.$ Owners' Equity

e$.$ Accounts Receivable

Select all accounts that normally have a debit balance

A$)$ Sales Discounts

B$)$ Sales Revenue

C$)$ Sales Returns & Allowances

D$)$ Allowance for Doubtful Accounts

E$)$ Accounts Receivable

F$)$ Accounts Payable

G$)$ Unearned Service Revenue

H$)$ Utilities Expense

I$)$ Prepaid Rent

Under terms FOB shipping point the seller of the goods

A$)$ Pays the cost of freight in transit

B$)$ Pays the cost of insurance in transit

C$)$ Doesn't own the goods in transit

D$)$ Both A & B

E$)$ Both B & C

F$)$ None of the above

E$)$ All of the above

Write out the names of the regulatory agencies that govern GAAP in the United States.

Write out the four methods for accounting for the cost flow of Inventory.

Write out the three types of Inventory.

Under the Revenue Recognition Principle Service Revenue is recognized

a$.$ When Cash is received

b$.$ When the A$/$R is booked

c$.$ When the work is performed

Under the Matching Principle

a$.$ Expenses are matched with Revenue in the same period incurred and recognized.

b$.$ Assets are matched with Liabilities.

c$.$ Equity is matched with Revenue

d$.$ Account numbers are matched to type of account.

An example of an internal user of accounting information is

a$.$ Internal Revenue Agent

b$.$ Corporate Controller

c$.$ Corporate customer

d$.$ Labor Union representative

e$.$ Shareholder of the entity

f$.$ Banker

Draw in the space below a properly formatted and labled FIFO graph: