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Which of the following is not a transaction to be recorded in the accounting records of an entity? A. Investment of cash by the owners. B. Sale of product to customers. C. Receipt of a plaque recognizing the firm's encouragement of employee participation in the United Way fund drive. D Receipt of services from a "quick-print" shop in exchange for the promise to provide advertising design . services of equivalent value. The balance sheet might also be called: A. Statement of Financial Position. B. Statement of Assets. C. Statement of Changes in Financial Position. D. None of these. Transactions are summarized in: A. The notes for the financial statements. B. The independent auditor's opinion letter. C. The entity's accounts. D. None of these. A fiscal year: A. is always the same as the calendar year. B. is frequently selected based on the firm's operating cycle. C. must always end on the same date each year. D. must end on the last day of a month. Which of the following is not a principal form of business organization? A. Partnership. B. Sole proprietorship. C. Limited unregistered business. D. Corporation. E. None of these. The time frame associated with a balance sheet is: A. a point in time in the past. B. a one-year past period of time. C. a single date in the future. D. a function of the information included in it. Current U.S. Generally Accepted Accounting Principles and auditing standards require the financial statements of an entity for the reporting period to include: A. Earnings and gross receipts of cash for the period. B. Projected earnings for the subsequent period. C. Financial position at the end of the period. D. Current fair values of all assets at the end of the period. The balance sheet equation can be represented by: A. Assets = Liabilities +

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