Remaining Time: 29 minutes, 33 seconds. Question Completion Status: 25 BE 5 60 80 10 40 29 26 27 30 31 32 33 90 1110 12 13140 150 34 35 36 37 38 39 590 600 610 620 630 640 650 28 53 10 51 52 54 55 56 57 58 Moving to another question will save this response. Question 1 What group or person is responsible for overseeing the accounting rules (GAAP)? The President Congress O No listed item is correct Boards of Directors * Question Completion Status: 30 40 5 65 70 81 9 10 110 12 13 140 10 20 26 27 28 29 30 31 32 33 35 38 34 36 37 39 590 600 610 620 630 6406 51 52 53 54 55 56 57 58 A Moving to another question will save this response. Question 2 The cost principle requires that we O record transactions using an estimate of the cost. O utilize evidence to substantiate the cost and record the transaction. O record transactions based on the market value at the time of purchase. All listed items are correct. Remaining Time: 28 minutes, 47 seconds. Less than half of the time rer A Question Completion Status: 26 27 32 28 26 40 29 54 5 30 55 70 32 57 31 56 80 90 10 110 12 13 14 15 16 17 18 19 20 210 220 230 240 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 58 590 600 610 620 630 640 650 660 670 680 690 700 710 720 51 52 53 Save Ans 5.4 points At the end of a company's first year of operations assets total $95,000, liabilities total $40,000, common stock is $5,000, and revenues total $80,000. How much were the company's expenses during the year? O $10,000 $20,000 $30,000 $40,000 Moving to another question will save this response. Question 5 of 72 11 . stv AS RR MacBook Pro Question Completion Status: 5 10 16 20 26 27 51 52 36 40 28 29 60 31 70 32 80 33 30 11 12 13 14 15 36 37 38 4 610 620 63 64 65 34 35 590 600 39 53 54 55 56 57 58 > A Moving to another question will save this response. Question 6 Assets are not O payments to be received from customers. items which involve future economic sacrifice o typically divided into two categories: current and non-current. items which involve future economic benefits. Moving to another question will save this response. tv MacBook Pro 80 F3 000 F2 000 F4 . F5 F6 F7 10 20 30 40 5 61 80 96 10 110 12 13 14 26 27 28 29 30 31 32 33 34 35 36 37 38 39 51 52 53 54 55 56 57 58 590 600 610 620 636 641 A Moving to another question will save this response. Question 7 Liabilities are not O payments to be made to suppliers items which involve future economic benefits. o typically divided into two categories: current and non-current. items which involve future economic sacrifice. * A Moving to another question will save this response. Question Completion Status: 20 5 60 30 28 26 27 29 31 30 55 32 57 80 91 10 110 12 13 33 34 35 36 37 38 58 590 600 610 620 630 51 52 53 54 6 A Moving to another question will save this response. Question 8 What does credit mean? Left side Right side Increase Decrease Moving to another question will save this response. 11 stv MacBook Pro PO Remaining Time: 27 minutes, 30 seconds. Question Completion Status: 16 2012 40 5 67 75 8 90 10 12 13 14 26 27 28 29 30 31 32 33 34 35 36 37 38 39 51 52 53 54 55 56 57 58 590 600 610 620 630 640 is A Moving to another question will save this response. Question 10 Which phrase best describes the normal balance of an account? The left side The right side The side which typically contains the balance The side which decreases the account