Cash	Retained Earnings
Service Revenue	Utilities Expense
Salaries Expense	Accounts Receivable
Accounts Payable	Common Stock
Equipment	Dividends

166) How many of the above accounts have a normal debit balance?

A) Four. B) Five. C) Seven. D) Six.

167. Which of the following is doubly taxed
     1. Partnership B) Sole proprietorship

C) C Corporation D) S Corporation

168. When applying Lower of Cost or Market (LCM,) the Net Income of a firm
     1. always goes down
     2. always goes up
     3. sometimes goes up and sometimes goes down
     4. doesn't change, since LCM only changes Cost of Goods Sold

169. The balance sheet of ABC reports total assets of $350,000 and $450,000 at the beginning and end of the year, respectively. Sales revenues are $800,000, net income is $100,000, and net cash flows from operating activities are $150,000. What is ABC's asset turnover?
     1. 1.8 times. B) 2.3 times. C) 2.0 times. D) 0.5 times.

170. Someone who sells gasoline must report their inventory using Weighted Average
     1. True B) False