QUESTION 10 The US accounting standards are called International Financial Reporting Standards Financial Accounting Standards Board Generally Accepted Accounting Principles Accounting Assumptions QUESTION 11 Receipt of cash from accounts receivables results in an increase in assets only. increase in one asset and decrease in another asset. increase in one asset and decrease in a liability. increase in assets and increase in retained earnings. QUESTION 12 I today we pay insurance for fifteen months to an insurance company, then the journal entry for this transaction will include a debit to prepaid insurance cash account receivable insurance exponso QUESTION 13 5. Debits increase both assets and revenues decrease both dividends and revenues increase expenses and decrease liabilities decrease liabilities and decrease dividends