159

157) For a journal entry with only two lines, the following entry is valid: Ingrense in Owners' Equity, Decrease in Expense. A) Hilse B) True 158) The Statement of Cash Flows is a: (A) Snapshot B) Video 159) The following table contains financial information for ABC before closing entries: Cash $23.000 Common Stock 34.000 Supplies 4,000 Advertising Expense 2,000 Accounts Payable 20.000 Service Revenue 30,000 Salaries Expense 3.000 Prepaid Rent 4.000 Dividends 3.000 Equipment 45,000 How many of the above accounts are permanent? A) Three. B) Five. C) Four. D) Six. 160) For a journal entry with only two lines, the following entry is valid: Increase in one revenue, Decrease in another revenu. A) False B) True 161) Separation of duties occurs when two or more people act in coordination to circumvent int controls. A) False B) True 162) The Trueblood Criterion is used by A) Managers when reporting to the public B) Internal Management reports (Managerial Accounting) C) Accountants D) Managers when reporting to the IRS