Communication of economic events is the part of the accounting process that involves A. identifying economic events. B. quantifying transactions into dollars and cents. C. preparing accounting reports. D. recording and classifying information. 1. 2. Creditors use financial accounting information to A. determine whether the company is following regulatory guidelines. B. determine whether the company is complying with tax laws. C. evaluate the risks of lending money. D. make decisions to about buying, holding, or selling shares. The time period assumption states that A. a transaction can only affect one period of time. B. estimates should not be made if a transaction affects more than one time period. C. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. D. the economic life of a business can be divided into artificial time periods. 3. 4. Southeastern University sold season tickets for the 2018 football season for $160,000 and received $160,000 cash in advance. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30 A. is not required. No adjusting entries will be made until the end of the season in November. B. will include a debit to Cash and a credit to Ticket Revenue for $40,000. C. will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for S60,000. D. will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for S60,000. 5. An owner investment of cash in a corporation increases A. assets and increases shareholders' equity. B. one asset and decreases another asset. C. liabilities and increases shareholders' equity. D. assets and liabilities