Ivan currently owns assets worth $300,000 and has liabilities of $100,000. Lance currently owns assets worth $400,000 and has llabilities of $250,000. Who has the higher net worth? Select one: O a. Ivan because his liabilities are less than Lance's liabilities. O b. Lance because his net worth is $400,000 Oc Lance because his net worth is $150,000. O d. Ivan because his net worth is $200,000 The expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of usin the assets, is called: Select one: O a Allowance for depreciation O b. Accumulated depreciation Oc The cash basis of accounting, O d. The matching principle. O e Depreciation If accrued salaries were recorded on December 31 with a credit to Sataries Payable, the entry to record payment of these wages on taruary Sth would include Select one: O a Adebit to cash and a credit to Prepaid Salaries. Ob. A debit to Salaries Payable and a credit to Salaries Expense. O A debit to Cash and credit to Salaries Payable Od A debit to Salaries Payable and a credit to Cash Oe. No entry would be necessary on January 5th What is the rate of the employer's portion of Employment Insurance? Select one: O a 1.5 times the employee's portion. O b. 2 times the employee's portion. Oc 1.4 times the employee's portion O d. 12 times the employee's portion Oe. Equal to the employee's portion. Which one of the following statements is true? Select one: O a. Revenues are listed before expenses on the balance sheet. O b. On the income statement, liabilities are listed in order of liquidity. Oc On the balance sheet, assets are listed in sequence according to their level of liquidity Od Assets are listed below liabilities on the income statement. Which of the following is the correct journal entry to record the prepayment of an insurance premium? Select one: O a. Increase cash and decrease prepaid insurance, O b. Increase cash and decrease insurance expense. O c. Increase prepaid insurance and decrease cash. O d. Increase insurance expense and decrease cash