Question Which of the following groups has the primary responsibility of setting Generally Accepted Accounting Principles in the United States? Not yet Select one O a. Internal Revenue Source O b. Financial Accounting Standards Board O c. International Accounting Standards Board O d. U.S. Congress Marked aut af 3.00 Flag question Question 12 Which of the following statements is true regarding accrual accounting? Not yet Select one O a. Revenue is recorded only when cash is received. O b. Expenses are recorded when they are incurred. O c. Revenue is recorded in the period when it is earned. O d. Both (b) and (c) Marked aut af 3.00 Flag question Question 13 Explain how the following journal entry affects the accounting equation: Not yet Supplies 800 Accounts Payable 800 Marked aut af 3.00 Select one O a. Assets increase and Stockholders' Equity increase O b. Assets increase and Liabilities decrease O c. Assets increase and Liabilities increase. O d. Liabilities increase and Stockholders' Equity decreases. Flag