QUESTION 29

1. Which of the following accounts would be closed at the end of the accounting period?

   		cash
   		sales revenue.
   		land.
   		accounts payable.

2.5 points

QUESTION 30

1. Which of the following statements is incorrect about the statement of cash flows?

   		It may be prepared on the cash or accrual basis.
   		It provides information about cash inflows and cash outflows of a business entity during the period.
   		It provides information about operating, investing, and financing activities of a business entity.
   		It is a fourth basic financial statement.

2.5 points

QUESTION 31

1. The accrual basis of accounting recognizes revenues when

   		performance obligations are satisfied, and expenses when the costs are incurred.
   		cash is received, and expenses when the costs are incurred.
   		cash is received, and expenses when cash is paid.
   		performance obligations are satisfied, and expenses when cash is paid.