70) Who is ultimately responsible for the financial statements of the company?

A.the internal auditor B.the external auditor C.the IRS D. the company's management

68) What is the normal balance for the account "allowance for uncollectable accounts"?
A.a debit B.a credit C.a contra-asset D.a liability E.an expense

Q.69) What are the three sections of the Cash Flow Statement?
A.Operating, Investing and Financing. B.Operating, Investing and Expenses. C.Assets, Liabilities and Owners Equity D.Net Sales, Expenses and Gains/Losses E. Net Income, Investing and Financing

.67) What type of an account is accumulated depreciation?

A.a credit B.a debit C.a liability D.an expense E. a contra-asset

50) Which of the following accounts are not usually associated with owners equity?
A.contributed capital B.retained earnings C.common stock D.unearned revenue

Q.51) Gains differ from revenues because gains:

A.are not a result of the entity's ongoing, central operations. B.do not have to be realized. C.are reported as income from operating activities. D. do not involve any offsetting costs or expenses.

44) A transaction that is likely to cause an increase in a current liability is:

A.payment of accrued wages. B.accrual of interest expense. C.depreciation of equipment. D.accrual of bad debts expense.

Q.45) The declaration of a dividend by the company results in:

A.a B.a C.a D.a

decrease in cash and a decrease in retained earnings. decrease in retained earnings and an increase in current liabilities. decrease in net income and a decrease in cash. decrease in net income and an increase in current liabilities.

Q.46) Which of the following is not an owner's equity account?

A.Common stock. B.Preferred stock. C.Retained earnings. D.Minority interests. E.Paid-in-capital in excess of par.

Q.47) With regards to dividends, the declaration date pertains to:

A.The date used to determine who receives dividends. B.The date on which the board of directors declares it's going to liquidate the firm.

C.The date on which the board of directors declares a dividend. D.The date a dividend is paid.