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1) GAAP stands for: A) generally accepted auditing practices. B) generally accrued auditing procedures. C) generally accepted accounting principles. D) generally accrued accounting principles. 2) When is the trial balance usually prepared? A) after each entry is journalized B) before financial statements are prepared C) after financial statements are published D) at the beginning of an accounting period 3) Pattie's Event Planning Service collects the fees from its customers in advance. At January 1, 2019, the balance of the unearned revenue account was a credit of $4,000. During January and February, the company collected $2,000 and $1,000 respectively. During the two-month period, the company rendered services of $5,500. At the end of February, the unadjusted trial balance will show what balance in unearned revenues? A) debit balance of $1,500 B) credit balance of $1,500 C) debit balance of $7,000 D) credit balance of $7,000 4) Financial statements are prepared from: A) an adjusted trial balance. B) an unadjusted trial balance. C) the general journal. D) the previous year's financial statements. 5) The accounting equation can be stated as: A) Assets = Liabilities - Owner's Equity. B) Assets - Liabilities = Owner's Equity. C) Liabilities = Assets + Owner's Equity. D) Owner's Equity = Assets + Liabilities. N 6) An organization's list of all its accounts and the related account numbers is called a: A) balance sheet. B) chart of accounts. C) ledger. D) trial balance