please help.

Q1. Which principle determines the amount initially entered into the records for purchases? a. Cost principle b. Going concern concept c. Business entity concept d. Objectivity concept Q2. Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of a. tax accounting. b. union contracts. c. managerial accounting. d. financial accounting. Q3. Companies using a low-cost emphasis provide products and services that compete on features other than price. a. true b. false Q4. The popularity of the sole proprietorship is due to the ease and low cost of organizing. a. true b. false Q5. Which statement is normally prepared first? a. Income statement b. Balance sheet c. Statement of cash flows d. Retained earnings statement Q6. Given the following list of accounts, calculate Total Assets:

Accounts Receivable	5,000
Capital Stock	20,000
Cash	19,300
Equipment	15,400
Fees Earned	44,400
Miscellaneous Expense	18,200
Rent Expense	4,150
Retained Earnings	6,550
Wages Expense	13,900

a. $84,100 b. $59,700 c. $46,250 d. $39,700 Q7. Rights to payments from customers are a. liabilities. b. prepaid expenses. c. accounts receivable. d. accounts payable. Q8. What is the primary objective of most businesses? a. To maximize profits b. To pay dividends to stockholders c. To provide a benefit to society d. To manufacture a quality product Q9. Who has first preference to assets in case a business fails? a. Stockholders b. Long-term creditors c. Customers d. Employees Q10. A corporation is a business that is legally separate and distinct from its owners. a. true b. false