167. ABC buys widgets for $5 cash and sells them on account for $8. At the point of sale, what is the effect on the cash flow of ABC?
     1. Increase $8 B) No effect C) Decrease $5 D) Increase $3

168. On November 1, 2018, ABC signed a $100,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. ABC should report interest payable at December 31, 2018, in the amount of:

A) $0. B) $1,000. C) $2,000. D) $3,000.

169. When we pay Sales tax we CR Cash and Debit
     1. A Liability B) An Asset C) Revenue D) An Expense

170. ABC buys widgets for $5 cash and sells them on account for $8. If ABC owns a widget, from a cash flow perspective the widget is valued at?

A) $8 B) $3 C) $0 D) $5

171. In an Operating Lease the Lessee records an Asset and a Liability
     1. True B) False