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MGMT 210 2.6 Quiz 1.)Which of the following appears on both the statement of retained earnings and the balance sheet? 2.)The ultimate control of the corporation rests with the ______. 3.)Outside investors ordinarily use financial accounting information to decide whether or not to invest in a business. 4.)Deferred expenses are also called prepaid expenses. 5.)Which of the following entries would be recorded by a company that uses the cash basis methodof accounting? 6.)A T-account is a summary device with credits posted on the left side of the vertical line. 7.)The debt ratio is one indication of the ability of a company to fulfill its obligation to repay liabilities. 8.)Which of the following is classified as an asset account?