Which of the following is not a basic assumption of the gross profit method of estimating inventory?

	The beginning inventory plus the purchases equal total goods to be accounted for.
	Goods not sold must be on hand.
	The sales, reduced to cost, deducted from the sum of the opening inventory plus purchases, equal ending inventory.
	The total amount of purchases and the total amount of sales remain relatively unchanged from the comparable previous period.

When multiple performance obligations exist in a contract, they should be accounted for as a single performance obligation when

	both performance obligations are distinct but interdependent.
	the products are distinct within the contract.
	the products are distinct within the contract, but only one payment is due.
	each service is interdependent and interrelated.

When a firm reports financial results on an annual basis, which basic assumption is illustrated?

	Periodicity assumption
	Economic entity assumption
	Going concern assumption
	Monetary unit assumption

If two different companies prepare and present information in a similar manner, the information exhibits the characteristic of

	Faithful representation
	Neutrality
	Relevance
	Comparability

At December 31, 2013, Vega Vacuum Corporation has cash in bank of 38,500, restricted cash in a separate account of $9,000, and a bank overdraft at another bank of $750. How much should it report as cash on the balance sheet?

	$38,500
	$29,500
	$37,750
	$46,750

Please help. Please provide detailed answer on the last question. Thank you,