Which of the following statements about a general journal is FALSE? O a. It discloses the complete effect of a transaction in one place O b. It is not a book of original entry O O c. It helps to locate errors as the debit and credit amounts for each entry can be compared O d. It provides a chronological record of transactions The principles of cash management do NOT include: O a. Accelerating the payment of liabilities O b. Accelerating the collection of receivables O c. Investing idle cash O d. Keeping inventory low ABC Company issues a three year, 7%, $497,000 note payable on Jan.01. The note will be paid in three annual fixed payments of $165,667, plus interest, that are payable at the end of each year. What is the amount of interest expense that should be recognized by the company in the second year? O a. $34,790 O b. $23,968 O c. $23,193 oc O d. $17,395 As at December 31, ABC Company has assets of $55,000 and shareholder's equity of $25,000. What are the liabilities of ABC Company? . $15,000 O b. $20,000 O c. $25,000 O d. $30,000 ABC Company is a publically traded company and they issue 10,000 common shares in exchange for a piece of land. At the time of the transaction, the shares were trading at $5 a share and the land was valued at $45,000. To record this transaction one would record the following: This transaction would not be recorded since it is a non cash transaction O b. Land is debited $45,000 and Common shares credited $45,000 O C. Land is debited $50,000 and Common shares credited $50,000 O d. Land is debited $45,000, Loss on sale of shares of $5,000 and Common shares credited $50,000 Which of the following ratios helps to determine how efficiently a company uses its assets? O a Asset turnover O b. Debt to total assets O c. Current Ratio O d. Profit Margin