Multiple Choice he correct term for the process of transferring amounts from a book ot original entry to specific assets, revenues, expenses, and stockholders equity inerms is a. Double-entry system b. Posting C. Credit d. Journalizing 2. Harbor City Corporation's end-of-year balance sheet consisted of the following amour Accounts Cash 15,000 receivable 40,000 70,000 Long-term debt Property, plant, and equipment 100,000 Accounts payable 20.000 Capital stock Inventory Retained earnings What amount should Harbor City report on its balance sheet for total assets? C. $170,000 a. $110.000 d. $190,000 b. $155,000 3. Which of the following terms best describes a distribution of the net income its owners? C. Earnings a. Revenue d. Monetary unit b. Dividends 4. Which of the following would not appear on an income statement? C. Accounts receivable a. Sales revenue d. Insurance expense b. Cost of goods sold 5. An abbreviated version of an account which is useful for analyzing th transactions is the c. T account. a. chart of accounts d. trial balance b. double entry system 6. Information that is material means that an error or alternative me transaction b. statements decisions of users its earnings Would not affect the understate c. Would always cause company to company d. Could increase the profitability of a