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5. "The matching principle" controls A. When revenues should be recognized on the income statement. B. costs should be recognised as expenses on the income statement. C. Where statement income and expense items should be presented. D. The on the income balance sheet ordering of current assets and current liabilities on the 6. If a incorrectly records a payment as an asset, rather than as an expense, how will company this error affect net income in the current period? A. Net income will not be affected by this error. B. Net income will be understated. C. Net income will be overstated None of the above Which of the following statements regarding the balance sheet are true? The sections on a balance sheet represent the basic accounting equation for a particular business. ll. The balance sheet summarises the net changes in specific account balances over a period of time. Ill. The balance sheet reports the amount of assets, liabilities and stockholders' equity of a business at a point in time IV. The balance sheet does not include any income, expense or profit items. B. II & IV C. I, III & IV Which of the following accounts can be classified as asset accounts? I. Equipment ll. Inventory Ill. Unearned Revenue V. Prepaid expenses B. Il & IV I, II & IV