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Question #1: The lower of cost or market (LCM) is an application of O (A) Materiality O (B) Conservatism O (C) The Matching Concept O (D) Full Disclosure O (E) The Going-Concern Assumption Question #1: (1) Adjusted triat balance is prepared, (2) Transactions are posted to ledgers, (3) Transactions are recorded in a journal. (4) Closing entries are mado (5) Adjusting Joumal entries are made. (6) Tral balance is prepared Financial statements are prepared Each of the principal steps in the accounting cycle is identified above by a number Which response is the correct sequence of events in the accounting cycle? O(A3.2.6,5,174 (B) 3.2.1,4,5,6,7 O Q5,13,4,2.7.6 (D) 5,3, 2.1,4,6,7 O. (E) 2.2.1,6,5,4,7 Question #1: The Accumulated Depreciation account should be shown in the financial statements as O (A) An operating expense O (B) An extraordinary loss O (C) A liability O (D) Stockholders' equity O (E) A contra (deduction) to an asset account Question #2: Which of the following will be credited when recording an accrued expense? O (A) A liability account O (B) A revenue account (C) A prepaid expense account O (D) An unearned revenue account O (E) A contra owner's equity account