+ 'c. overstated expenses. < 'd. overstated assets. < 10. The following is (are) a major component of the financial statements: < 'a auditor's opinion+ 'b.+ annual report+ 'c. Journal entries+ 'd.+ Posting references+ + + 11-13 TRUE/FALSE (Circle one for each of the three questions below.)+ tttt t t 11. A method that ignores salvage value in the in calculating periodic depreciation expense is the Straight line. True or False < + 12. Depreciating of noncurrent operating assets is an accounting process for the purpose of allocating asset costs over the periods benefited by use of the assets. True or False < 13. The term "intangible assets" is used in accounting to denote properties with physical characteristics that have long-term effects on a business. True or False + + 14-15 FILL-IN-THE-BLANK (Insert the word that correctly completes the statement.) < 14. The designated non legal private sector organization in the U.S. that establishes financial accounting and reporting standards for financial accounting is known as the t 15. The world's largest member association representing the accounting profession and who sets ethical standards, auditing standards and develops the CPA Exam is known as + For questions 16-17, please calculate the (a) current ratio and the (b) quick ratio:+ Cash $8,200+ Accounts Receivable 5,200+ Merchandise Inventory 17,000+ Prepaid Insurance 750+ Supplies 250+ Office Equipment 17,900+ Accounts Payable 11,200+ Salaries Payable 2,800+ Notes Payable (due in three years) 11,300