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11) Which of the following is known as the accounting equation? A. Revenue - Expenses = Net Income B. Assets = Liabilities + Owner's Equity C. Assets - Liabilites = Owner's Equity D. Revenue + Expenses = Net Income 12) Matching expense for a period with revenues earned for that same period refers to which concept? A. Going Concern Concept B. Matching Principle Concept C. Cost Concept D. Objectivity Concept 13) Which of the folowing is a flowthough (passthrough) entity and has multiple owners? (check all that apply) A. Sole Proprietorship B. Corporation C. Partnership D. Limited Liability Corporation 14) Net Income for the period minus any dividends paid out, is part of the calcuation of A. Dividends Receivable B. Net Loss C. Dividends Payable D. Retained Earnings 15) Which of the following is recorded as a liability on the balance sheet? A. Prepaid Expenses B. Equipment C. Note Payable D. Common Stock H 16) What are the 3 main financials statements? A. Unbalanced Sheet, Income Statement & Statement of Retained Earnings B Balance Sheet, Income Statement & Statement of Profits Retained C. Balance Sheet, Statement of Operations & Statement of Retained Earnings D. Balance Sheet, Income Statement & Statement of Retained Earnings 17) You are the sole owner, which company would you most likely form if you are not concerned with your access to capital? A. Sole Proprietorship B Corporation C. Partnership D. Limited Liability Corporation 18) On what financial statement do prepaid expenses get reported? A. Statement of Cash Flows B. Balance Sheet C. Statement of Retained Earnigs D. Income Statement 19) Supplies and lendors (banks) represent which type of stakeholder? A. Shareholder B. External C. Internal D. Stockholders 20) Prepaid expenses are treated as aan) A. expense B. liability C. asset D. income