Which statement(s) summarizes the revenues and expenses of an entity? (Points : 6) Balance sheet only Statement of cash flows and income statement Statement of retained earnings and statement of operations Income statement only Question 2.2. (TCO 1) How do revenues for a period relate to the beginning and ending balances in retained earnings? (Points : 6) Revenues will increase the beginning balance of retained earnings for the period. Revenues will increase the ending balance of retained earnings for the period. Revenues less expenses will either increase or decrease the beginning balance of retained earnings for the period. None of the above Question 3.3. (TCO 2) The purchase of office computers for cash would include a (Points : 6) debit to Office Equipment and credit to Accounts Payable. debit to Office Equipment and a credit to Cash. debit to Accounts Payable and credit to Office Equipment. debit to Cash and a credit to Office Equipment. Question 4.4. (TCO 2) The normal balance of a liability account is a _____ and the normal balance of the common stock account is a _____. (Points : 6) debit; credit debit; debit credit; debit credit; credit Question 5.5. (TCO 3) Which statement about a trial balance is NOT true? (Points : 6) The trial balance can be prepared at any time, but is generally prepared at the end of the accounting period. The trial balance is a list of all accounts with their balances. The trial balance lists the income statement accounts and their balances first and then the balance sheet accounts and their balances. The trial balance lists asset accounts and their balances first, then liability accounts and their balances, and then stockholders equity accounts and their balances. Question 6.6. (TCO 3) The normal balance of Accounts Receivable is a _____ because it is a(n) _____ account. (Points : 6) credit; liability debit; asset credit; stockholders equity debit; expense Question 7.7. (TCO 4) An accountant recognizes the impact of a business event as it occurs and accounts for it appropriately under which basis of accounting? (Points : 6) Cash Liability Accrual Deferred Question 8.8. (TCO 4) A journal entry contains a debit to an expense account and a credit to an asset account. This is an example of a(n) (Points : 6) accrued revenue. deferred revenue. accrued expense. deferred expense. Question 9.9. (TCO 5) In a bank reconciliation, items recorded by the company, but not yet recorded by the bank, include (Points : 6) bank collections. bank fees. outstanding checks. NSF checks. Question 10.10. (TCO 5) All of the following are purposes of internal control EXCEPT (Points : 6) to promote operational inefficiency. to encourage adherence to company policies. to ensure accurate and reliable accounts records. to safeguard assets