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nnEaKCE aoose the one alternative that best completes the ment or mwe" die-on. D The Financial Accounting Standards Boand is responsible for establishing A) the American Institute of Certified Public Accountants D) generally accepted accounting principles 2) The principle which states that aets acquired by the business should be recorded at their actual 2 price is the A) stable dellar principle B) reliability prindiple D) objectivity principle ost principle. 3) The owners' interest in the assets of a corporation ie known as 3) B) stockholders' equity D) revenues C) assets 4) Stockholders' equity for Commerce-GA Corporation on 01/01/2003 and 12/31/2003 were $60,000 4 and $75,000, respectively. Assets on 01/01/2003 and 12/31/2003 were $115,000 and $105,000, respectively. Liabilities on 01/01/2003 were $55,000. What is the amount of Habilities on 12/31/20037 A) $30,000 B) $15,000 G)$40,000 D) indeterminable from the given information 5) Dividends A) are expenses. B) are distributions to stockholders of assets (usually cash) generated by net income C always affect net income D) are distributions to stockholders of assets (usually cash) generated by a favorable balance in retained earnings. 6) The date of the income statement A) is not dated B) covers a period of time, usually for an accounting period. C) may cover a period of time or only one day in time, like a snapshot photograph. D) covers one day in time. 7 What is the proper order for the statement of cash flows? A) operating activities, financing activities, and investing activities B) financing activities, investing activities, and operating activities C) operating activities, investing activities, and financing activities D) investing activities, financing activities, and operating activities The basic summary device of accounting is better known as the B) journal A) financial statements C) account

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