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Theaccountingequationcanbeexpressedas(Points:1) OwnersEquity=Assets+Liabilities. Assets=Liabilities+OwnersEquity Assets=Liabilities-OwnersEquity. Liabilities=Assets+OwnersEquity. 2. Liabilitiesaredefinedas(Points:1) Ownersclaimsonassets. Outsidersclaimsonassets. Increasesincash. Futureeconomicbenefits. 3. Assetsarereportedonthe(Points:1) ConsolidatedIncomeSheet. StatementofCashFlowsandOtherEconomicBenefits. BalanceSheet. IncomeStatementofContinuingOperations. 4. Whendeterminingwhethertorecordanassetasafixedasset,whattwocriteriamustbemet?(Points:1) Mustbeaninvestmentandmustbelong-lived. Mustbelong-livedandmustusetheassetinaproductivemanner. Mustbelong-livedandmustbeatangibleasset. Mustbeatangibleassetandmustbeaninvestment. 5. Depreciationis(Points:1) Thelossinmarketvalueofanasset. Theallocationofalong-termassetscosttoanexpenseaccountovertheassetslife. Anincreaseinanassetsvalueovertime. Writingtheassetupordowntomarketvalue. 6. Currentliabilitiesareliabilitiesthat(Points:1) Mustbepaidinthecurrentoperatingcycle. Mustbepaidfromrevenues. Mustbeofadefiniteamount. Areduewhenthecompanycanpay. 7. Netaccountsreceivableare(Points:1) Accountsreceivableplustheallowancefordoubtfulaccounts. Accountsreceivablelesstheallowancefordoubtfulaccounts. Accountsreceivablelessbaddebtexpense. Salescollectionsfortheperiod. 8. Whenabondsellsatadiscount,thestatedrateofinterestis(Points:1) Equaltothemarketrateofinterest.... View Full Document

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