D Question 4 The Statement of Changes in Owners' Equity shows: Net income and dividends for the period. Revenues, expenses, and liabilities for the period. The change in cash during a year. Paid-in capital and long-term debt at the end of the period. Question 5 Which entity currently sets accounting standards in the United States? Financial Accounting Standards Board (FASB) International Financial Reporting Standards Board (IFRS) Public Company Accounting Oversight Board (PCAOB) Internal Revenue Service (IRS) 3.5 pts 3.5 pts Question 6 A debit entry will: Increase an expense account. Decrease an asset account. Increase a revenue account. Increase a liability account. Question 7 A credit entry will: Increase a liability account. Increase an asset account. Decrease a revenue account. Increase an expense account. 3.5 pts: 3.5 pts L Question 8 When a service company performs services for customers before receiving cash, the following account will be used. Accounts Receivables Prepaid Assets Accounts Payables Unearned Revenues Question 9 Which of the following entries directly represents an adjusting entry? Recording an expense in the period incurred, even though cash payment has not yet taken place. Selling a product and immediately receiving cash Purchasing office supplies and paying cash Buying a piece of equipment on account 3.5 pts 3.5 pts