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Question 56 (1 point) Which business sector(s) would Best Buy be in? a) primary b) tertiary c) secondary and tertiary primary and secondary e) secondary Question 57 (2 points) On February 5 your business sold inventory worth $26000 to a customer for $42000. You shipped it FOB shipping point and the terms were 2/15,n/30. The next day, the appropriate party paid the freight company $1100. Four days later the customer returned 20% of his order. You received payment on February 20. How much did the customer pay you? A Question 61 (1 point) The President of Bathurst Ltd. attended a convention in Aruba and stayed an extra week afterwards to play golf. He charged the extra days' hotel bill to Bathurst Ltd. Which assumption has been violated? a) unit-of-measure b) historic cost c) nothing has been violated separate entity e) time period Question 64 (2 points) Islington Ltd. started the year with $422000 in total assets and $316000 in total liabilities. During the year, assets increased by $21000 and liabilities decreased by $7000. During the year, the owners contributed $3000, and the company earned $595000 in revenues and incurred $544000 in expenses. How much did the company pay in dividends during the year? A Question 65 (1 point) Sheppard Ltd. has selected, prepared and presented its accounting information to favour its creditors' interests over other users of its financial statements. Which qualitative characteristic has the company violated? a) Understandable Ob) Verifiable C) Relevant d) Comparable e) Faithful Question 66 (2 points) A customer whose account receivable was previously written off sent in a cheque. How might a company record this transaction? Select all that apply. (a) increase Cash and decrease Bad Debt Expense b) Increase both Accounts Receivable and Allowance for Doubtful Accounts (c) increase a revenue account and decrease Bad Debt Expense d) increase Cash and a revenue account O e) increase Cash and decrease Accounts Receivable

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