Which of the following is the financial statement that summarizes the assets, Habilities, and capital of an organization at particular point in time? Select the single best answer: A. Balance Sheet B. Statement of Cash Flows C. Income Statement D. Retained Earnings Statement A debt that matures within one year of the date of issue is shown as a on the balance sheet Select the single best answer: A. deferred expense B. current liability C. prepaid expense D. long-term liability In accordance with generally accepted accounting principles, when should revenues be recognized? Select the single best answer: O A when cash is received B. when an order is received C. when a good or service is delivered D. when a good or service is requested Which of the following is true of a trial balance? Select the single best answer: A. it is a formal financial statement B. it is used to gather conclusive proof C. it will determine if there was failure to record a transaction D. it lists the ledger accounts along with their respective debits and credits