Accountant

A Decrease cash and decrease equity B Increase cash and increase revenue C Increase cash and increase a loan liability D Increase expenses and decrease liabilities

A Increase expense and decrease receivables B Increase cash and decrease accounts receivable C Increase revenue and increase cash again D Decrease cash and increase accounts payable

A Increase inventory B Recognize sales revenue C Recognize a distribution and a liability until paid D Recognize depreciation expense

A Record only transactions paid in cash B Make assets equal expenses C Recognize expenses in the periods in which related revenues are recognized, where applicable D Match every cash receipt with a bank statement

A Information is complete, neutral, and free from error to the extent possible B Information always predicts future profit exactly C Information is prepared only for tax authorities D Information includes only favorable results

A Every estimate must be exact B All financial statements must show a profit C Only management can review information D Different knowledgeable independent observers could reach consensus that information faithfully represents what it purports to represent

A An event occurring only during an audit B An event occurring between the reporting date and authorization of the financial statements C Any transaction before the entity was formed D A routine journal entry made every morning

A An event that always creates a new condition after year-end B A budget approved after year-end C A transaction that must never affect disclosures D An event that provides evidence of conditions existing at the reporting date

A Any cash sale to an unrelated customer B A transaction that must always be illegal C A bank reconciliation item D A transfer of resources, services, or obligations between related parties, whether or not a price is charged

A Presenting a parent and its subsidiaries as a single economic entity B Replacing each subsidiary's books with tax returns C Combining all unrelated companies in a country D Adding all bank statements together