Connor Corporation hired a new accountant. Over the next four years, the accountart used four different accounting methods to depreciation for Connor's equipment. Which of the following qualities of useful information has Connor most likely violated? A) Faithful representation B) Consistency C) Relevance D) Comparability 14. 17. A payment of a portion of an accounts payable will A) decrease net income. B) not affect total assets. C) increase liabilities. D) not affect stockholders' equity. 2. Why should the income statement be prepared first? The income statement does not have to be prepared first. Financial statements car A) B) The statement of cash flows should be prepared first because it determines the C) Net income from the income statement flows into the retained earnings statement. D) None of these answer choices are correct. be prepared in any order. sources of cash. That information is then used in preparing the income statement. The ending retained earnings balance then flows into the balance sheet. 4. The statement of cash flows would disclose the payment of a dividend A) in the investing activities section. B) in the financing activities section. C) in the operating activities section. D) nowhere on the statement. 21. A trial balance is a listing of A) B) C) D) general ledger accounts and balances. transactions in a journal. the totals from the journal pages. the chart of accounts. 22. A trial balance will not balance if A) a $300 payment on accounts payable is debited to accounts payable for $30 and credited to cash for $30. B) a correcting journal entry is posted twice. C) a transaction is not posted at all. D) a $50 cash dividend is debited to dividends for $500 and credited to cash for $50