Please answer all parts of the question to be rated:

1) Which of 3 main financial statements needs to be prepared first? A R Balance Sheet Income Statement C. Statement of Retained Earnings D. Statement of Cash Flows 2) Which of the following accounts would you find on the balance sheet? A. B. income tax expense insurance expense C D prepaid insurance expense rent expense 3) Which of the following best describes double taxation? A. B paying 2 different types of taxes i.e. income tax & sales tax tax paid at the corporate level and at the individual level taxes on passthrough entities paying twice the amount of tax you normally would pay due to an increase in net income 4) On which financial statement do dividends get reported? A B Statement of Cash Flows Balance Sheet C D. Statement of Retained Earnings Income Statement 5) Equity is increased by which of the following? (check all that apply) A B. increase in common stock increase in dividends paid C. D increase in earned revenue (income) increase in expenses 6) For cash accounting, when is income (sales) recorded as a transaction? A. B. when the product has been delivered when cash has been received from the customer C. D. when the services have been provided when the expenses have been paid 7) Which of the following is a benefit of being a corporation, as opposed to being a sole proprietorship? A. B. how easy it is to form double taxation C. D. easier access to capital being a passthrough entity 8) Which financial statement reports unearned revenue? A. B. Statement of Cash Flows Balance Sheet C. D. Statement of Retained Earnings Income Statement 9) Receiving cash from selling products and/or services is considered what type of activity? A. B. financial activities operating activities C. D. investing activities All of the above 10) For accrual accounting, when is income earned and recorded as a transaction? A. B. when the cash has been paid by the customer when cash has been received from the customer C. D. when the services have been provided when the expenses have been used