Show Timer Question Completion Status: QUESTION 10 2 points Which one of the following is included in current assets? a. Salaries payable b. Machinery and equipment c. Accounts receivable d. Common stock QUESTION 11 2 The relationship between the income statement and the balance sheet may be summarized as follows: a. The assets shown in a balance sheet include all the revenue shown in the income statement b. The balance sheet summarizes the change in net income occurring between successive income statements c. The income statement explains pt of the change in owners' equity between two balance sheet dates Od. The income statement summarizes the changes in cash occurring between two balance sheet dates QUESTION 12 Show Timer Question Completion Status: QUESTION 13 Selling stock to investors for cash would result in which of the following? a. A debit to additional paid.in capital and credit to cash b. A debit to cash and a credit to common stock OC. A credit to both cash and additional paid-in capital d. A debit to cash and a credit to the investment account QUESTION 14 Which of the following statement is correct? a. The term ledger and journal are the same b. The normal balance of an account can be a debit balance or a credit balance Oc. The trial balance is required by the SEC d. All public companies in the United States must follow IFRS standards c. Encourage employee compliance with company policies d. Comply with legal requirements QUESTION 18 The following information has been provided by Norwell Company. How much were Norwell's total expenses in calculating operating income? . Advertising expense $9,900 Interest expense $3,700 Rent expense for store $12,000 Loss on sale of property and equipment $5,700 Cost of goods sold $21,300 Depreciation expense $7,100 Interest income $1,000 O a. $56,000 b. $43,200 c. $50,300 O d. $54,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. S Show Timer Question Completion Status: QUESTION 19 2 po Which of the following statements is false? O a. Revenue is not recognized at the time of delivery of goods and services to customers if cash is received after delivery of the goods and services Ob. A liability is created when cash is received prior to delivery of the goods or services to a customer c. Revenue is recognized at the time of delivery of the goods or services to customers if cash is received Collecting cash after delivery of a good or service to a customer does not create revenue on the income statement at the date of collection d. QUESTION 20 Which of the following best describes the time period assumption? It assumes we divide the long life of a business into a series of shorter time periods for accounting and reporting a. purposes ob. It is the cutoff point for asset and liability recognition oc. It assumes we value a business as of the end of every month O d. It implies that financial statements are prepared at the end of a business entity's operating cycle Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Ans