QUESTION 19 Balance sheet accounts are also known as which of the following? 1. nominal accounts 2. permanent accounts 3. temporary accounts 4. closing accounts QUESTION 18 The only essential element of internal control from the following is 1. Verification by government agencies 2. An outsourced internal audit function 3. Computerized accounting systems 4. Procedures for proper authorization of transactions QUESTION 16 Strategic risk assessment is primarily concerned with 1. possible external threats to the company's success in accomplishing its objectives. 2. allocation of the company's resources to accomplish its internal processes. 3. safeguarding of the company's computerized assets and records. 4. achieving operating efficiencies in the areas of production and human resources. QUESTION 15 Which one of the following adjustments decreases net income for the period? 1. Recognition of interest earned on a note receivable 2. Recognition of rent earned that had been received in advance from customers 3. Recognition of services that had been provided to customers but the cash has not ye 4. Recognition of depreciation on plant assets QUESTION 12 What happens to the accounting equation when the adjustment for depreciation expense for the accounting period is recorded 1. liabilities increase and stockholders' equity decreases 2. assets decrease and stockholders' equity decreases 3. assets decrease and liabilities decrease 4. assets increase and stockholders' equity increases QUESTION 13 What happens to the accounting equation when the adjustment is recorded to recognize carned revenue previously recorded as uneamed revene 1. stockholders' equity increases and decreases by the same amount 2. assets decrease and liabilities decrease 3. liabilities decrease and stockholders' equity increases 4. assets increase and liabilities increase mid cyery Saturday for the work week ja