of this journal entry is to by an accrued expense (c) a an unexpired cost. expense 7. interest payable. The purpose O- record (a) a deferred expense (b) an contingent liability (d) an unexp2 As generally used, the term "net ass (a) retained earnings of a corpo less current liabilities (e) assets less total liabilities (e) none ng to the conceptual framework, "confirmatory value a characteristic of understandability a (b) representation faithful elevance (a) both relevance and faithful representation. Sed, the term "het assets" represents earnings of a corporation (b) current assets ant liabilities working capital (d) total el none of the above. is 8 . (c) Realization is the gods produ ess of earning revenue as economic utility is added to Produced (b) recording of revenues in the accounting records (c) matching favnens curred in earning revenues Of the period to those revenues al conversion of non-casni resources or rights into cash or rights to cash. 10. Sinking funds, to be used for construction in 5 years is part (a) Current Asset (b) Long-term Investment (c) PPE (d) Intangible Asset (e) none of the above 11. ABC Corporation records business transactions in dollars and disregards changes in the value of a dollar over time. Which of the following accounting assumptions does this represent? (a) economic entity assumption (b) going concern assumption (c) accounting period assumption (d) monetary unit assumption. 12. Which of the following is not a temporary account? (a) dividends distributed (b) goodwill (c) Cost of Goods Sold (d) depreciation expense (e) dividend revenue. 13. All of the following items would appear on the balance sheet except: ta) a patent obtained on a new manufacturing process (b) m ated depreciation c an investment in two-vear certificates of deposit of deposit (d) Curren (a current portion of the long-term debt (e) sales discount. $ of deposita, le) ananufacturi 14. "Dividends (distributed)" can be fo (a) Income Statement (b) Statem (c) Balance Sheet (d) Statement Statement of Shareholders' Equity ributed)" can be found in? atement (b) statement of Comprehensive Income d) Statement of Financial Position (e) 15. The correct order of the following is: (a) Posting closing steps of the accounting cycle adjustin 9. reversing; adjusting, posting, reversing (c) (b) closing. reversing; (d) Posting, reversing, adiuding adjusting, closing, Justing. closing