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Choose the one that best completes the statement or answer the question. FILL YOUR ANSWERS ON SCANTRON USING A PENCIL PLEASE (30 points) 1. The area of accounting that is concerned with providing information for external users in referred to 25 Financial accounting b Governmental accounting c Management accounting d Not-for-profit accounting 2. Which of the following is the reason that the accounting equation is truie by definition? Liabilities are the source that funds the purchase of assets b. Assets are the source that funds the purchase of liabilities and stockholders' equity c Liabilities and stockholders' equity are the sources that fund the purchase of assets d. None of these are true, the accounting equation is merely a coincidence 3. The idea that all expenses incurred in generating revenues should be recognized in the same period as those revenues is called the Time period concept b. Realization concept c Matching principle d. Revenue recognition principle a. a. 4. Revenues generally cause a. An increase in net assets b. A decrease in net assets c. No change in net assets d. An increase in liabilities 5. Which of the following would usually NOT happen in a single transaction? a Increase assets, decrease liabilities b Increase assets, increase liabilities C Increase liabilities, decrease stockholders' equity d Decrease assets, decrease stockholders' equity 6. Liability accounts are increased by a. Debits b. Credits C. Either debits or credits d. Neither debits nor credits 7. During July 2021. Hasan Corporation incurred but did NOT pay a 5500 utility expense. This transaction would be posted as a. Accounts Payable Utility Expense 500 Utility Expense b. 1500 Cash c. 1 500 Utility Expense 1 500 Accounts Payable 1 1500 500 Cash 1 500 Utility Expense d. 500