The primary responsibility for the information contained in an annual report by a company rests with a) the company's auditors. b) the Securities and Exchange Commission. c) the Financial Accounting Standards Board. d) the company's management. Which of the following is an incorrect definition of an accounting concept? a) The separate entity assumption means that transactions of the business are separate from transactions of the owners. b) The historical cost principle dictates that assets should be recorded at market value. c) Under the continuity assumption, accounting and reporting assume a going concern." d) With the conservatism constraint, a company should choose the solution that is least likely to overstate assets and net income. Of the following accounts, which one would always have a zero balance in the post-closing trial balance? a) Inventory b) Supplies inventory c) Service revenue d) Retained earnings