QUESTION 7 An accounting record that lists the accounts and their debit or credit balances at a point in time is: O a flow chart O the chart of accounts O a general journal O a trial balance QUESTION 8 Entity E uses the same accounting principles and methods from year to year in its financial reporting. This is an example of. O monetary unit O consistency O full disclosure O comparability QUESTION 9 Entity B, an electrical contractor, purchased vacant land several years ago which it is holding in hopes of price appreciation. The land is not being used in its operations. In which classified balance sheet section would the land be reported? O Property, plant, and equipment O Current assets O Long-term investments Intangible assets Entity O signed a five-month note payable in the amount of $40,000 on November 1. The note requires interest at an annual rate of 12%. The amount of interest expense Entity O must recognize at December 31 is: O $1,920 O $4,800 O $400. O $800. QUESTION 11 Entity C had the following information available: Accounts payable 110,000 Accounts receivable 80,000 Accumulated depreciation, buildings 40,000 Buildings 220,000 Cash 100,000 Common stock 240,000 Inventory 140,000 Land (underneath buildings) 310,000 Mortgage payable (due 2031) 180,000 Prepaid insurance 60,000 Salaries payable 20,000 Trademarks 180,000 Retained earnings (ending) 500,000 On the classified balance sheet, what is the amount for total property, plant, and equipment? O $380,000 O $630,000 O $490,000 O $310,000