How are the following accounts affected when a company delivers a product or service for which a customer has previously paid? Revenue: Increase, Liabilities: Decrease, Stockholders Equity: Increase Revenue: No Effect, Liabilities: Decrease, Stockholders Equity: Increase Revenue: Increase, Liabilities: No Effect, Stockholders Equity: Increase Revenue: No Effect, Liabilities: No Effect, Stockholders Equity : No Effect Which of the following organizations has not been instrumental in the development of financial accounting standards in the United States? AICPA FASB IASB SEC Financial statements are prepared primarily for: Internal users External users Auditors Government Regulators The financial statements most frequently provided include all of the following except the Balance sheet Statement of retained earnings Income Statement Statement of Cash Flows Which of the following reporting issues require a retrospective adjustment to prior period income. Changes in Accounting Principle Changes in Accounting Estimates Corrections of Errors Both (a) and (b), but not (c) Both (b) and (c), but not (a) Both (a) and (c), but not (b) What is the objective of financial reporting? Provide information that excludes claims to the resources Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors. Provide information that is useful to management in making decisions. Provide information that clearly portrays nonfinancial transactions