Adjusting Entries are The same as Correcting Entries b. Optional under Generally Accepted Accounting Principles c. Rarely necessary in large companies d. Necessary to bring accounts up to date and match revenue and expense in the proper period. Generally Accepted Accounting Principles require that companies use the ___ of accounting. a. Cash basis b. Accrual basis c. Deferral basis d. Solvent basis A listing of a business entity's assets, liabilities, and stockholders' equity as of a specific date is a (n): a. Income Statement b. Balance Sheet c. Statement of Stockholders' Equity d. Cash Flow Statement Which financial Statement provides the detail of what a company EARNED during a specific period of time: a. Income Statement b. Balance Sheet c. Statement of Stockholders' Equity d. Cash Flow Statement Which is true about the Statement of Retained Earnings: a. Retained Earnings increases by Net Income and increases by Dividends. b. Ending Retained Earnings must be equal to Net Income on the Income Statement. c. Retained Earnings on the Balance Sheet will be equal to Beginning Retained Earnings on the Statement of Retained Earnings. d. Retained Earnings increases by Net Income and decreases by Dividends. The order of presentation of activities on the statement of cash flows is: a. Operating, Financing, Investing b. Investing, Financing, operating c. Financing, Investing, operating d. Operating, Investing, Financing The Three objectives of Internal Control of a company include all of the following except: a. Help "safeguard Assets" of the company. b. Ensure that wages paid by the company are competitive. c. To "process accurate business information" on a consistent basis in accordance with GAAP. d. Ensure that employees and managers comply with "laws and regulations