please answer to questions

For each transaction, indicate whether the balance of total assets, liabilities and owner's equity (OE) increased, decreased or did not change. Transaction # Description Assets Liabilities Owner's Equity 1 Received immediate payment for services provided. 3 3 3 2 Made partial payment for equipment purchased on credit. 3 3 3 3 Billed customers for services performed. 3 3 3 4 Withdrew cash for personal use. 3 3 3 5 Received payment from customers already billed. 3 3 3 6 Received bills for current utilities to be paid next month. 3 3 3 7 Paid salaries for current month. 3 3 3 8 Purchased equipment on credit. 3 3 3 9 Purchased furniture using cash. 3 3 3 10 Additional investment into the business. 3 3 3 The bookkeeper of ABC Gym receives advanced membership payments from customers and records it as revenue. Which of the following principles did the bookkeeper violate? Select one: O a. The consistency principle O b. The revenue recognition principle O c. The disclosure principle O d. The measurement principleWhich of the following terms would not be used to classify the net worth of a business or government institution? Select one: O a. Accumulated Surplus (Deficit) O b. Owner's Equity O c. Net Income O d. Shareholders' EquityYou have $10,000 in cash savings, a car worth $8,000 and other assets worth $5,000. You also owe $2,000 against your car loan and $6,000 relating to your credit card and student loan. If you were to earn your salary of $3,000 and reduce the car loan principal by $1,000, how much would you be worth? Select one: O a. $18,000 O b. $15,000 O c. $17,000 O d. $16,000The income statement of a manufacturing business includes: Select one: O a. Sales Revenue, Cost of Sales, Gross Profit and Net Worth O b. Service Revenue, Gross Profit, Operating Expenses and Net Worth O c. Sales Revenue, Cost of Goods Sold, Gross Profit and Net Income (Loss) O d. Service Revenue, Cost of Goods Sold, Gross Profit and Net Income (Loss)Which of the following is false? Select one: O a. IFRS requires more disclosure. O b. Accounting Standards for Private Enterprises (ASPE) may be used by private entities in Canada. O c. International Financial Reporting Standards (IFRS) is used by public entities. O d. The use of IFRS is less costly and simpler to implement.You earn $2,000 salary in May, but only deposit your payment in June because you have been out of town. Your net worth will: Select one: O a. increases in July after your deposit clears O b. increase in June when you deposit it O c. decrease in May because you did not deposit the payment O d. increase in May when you earned itThe balance sheet is a permanent record used to: Select one: O a. record revenues and expenses O b. record expenses to be paid in the future O c. record cash sales and assets O d. record assets and liabilitiesTo record the deposit of cash sales for the month: Select one: O a. decrease expenses, increase revenues O b. increase revenue, increase cash O c. increase revenue, increase fixed assets O d. increase revenue, decrease cashWhich of the following is an expected advantage of implementing IFRS? Select one: a. Increased comparability O b. Increased jurisdictional control O c. Increased costs in the short term O d. increased cash flowOn January 1, Sam prepaid $1,200 towards insurance for one year. After half a year, he cancelled the insurance policy and received a refund for the remaining balance. By how much did Sam's net worth change from January to June? Select one: O a. Net worth decreased by $1,200 O b. Net worth decreased by $600 O c. Net worth increased by $600 O d. Net worth did not changeThe concept of depreciation is best explained by which accounting principle? Select one: O a. Consistency O b. Revenue Recognition O c. Measurement O d. Expense RecognitionGenerally accepted accounting principles Select one: Q a. derive their credibility and authority from legal rulings and court precedents O b. are accounting adaptations based on the laws of economic science 0 c. derive their credibility and authority from the Canadian government 0 d. derive their credibility and authority from general recognition and acceptance by the accountancy profession To record the receipt of rent received in advance from a renter: Select one: a. increase revenue, decrease cash O b. increase liability, increase cash O c. increase revenue, increase cash O d. decrease liability, decrease cash