The Securities and Exchange Commission is responsible for regulating a. All companies b. Only foreign companies c. Only companies that trade their stocks on the open market d. Only privately held companies. 10. What are the "rules" of accounting in the Unites States known as a . International Financial Reporting Standards (IFRS). b. Financial Accounting Standards Board (FASB) c. Securities and Exchange Commission (SEC) d. Generally Accepted Accounting Principles (GAAP). 11. Rocky Company had Assets of $550,000 and liabilities of $380,000. If assets increased by $20,000 and liabilities decreased by $50,000, what is Rocky's Stockholders' Equity? a $240,000 b. $170,000 C. $570,000 d. $330,000 Which account is increased with a credit entry? Cash Sales Rent Expense Prepaid Rent . Which account is increased with a debit entry? Accounts Receivable Sales Accounts Payable Retained Earnings 33. Greenwald Company has been experiencing years of losses and has recently shut down 300 of its stores. It is doubtful that Greenwald will be able to continue operating in the near future. Greenwald Company is violating which principle, constraint or assumption? a. Economic Entity Assumption b. Going Concern Assumption C. Monetary Unit Assumption d. Consistency