Answer all please.

40The basic purpose of generally accepted accounting principles is to: Minimize the possibility of a business becoming insolvent. Provide a framework for financial reporting that is understood by both the preparers and the users of financial statements Ensure that financial statements include the type of information that is best suited to every type of business decision. A) B) C) D) Eliminate the need for professional judgment in preparing financial statements 41. If current assets are $70,000 and current liabilities are $50,000, the current ratio will be: A) 71%. $20,000. B) D) $120,000 Use the following to answer questions 42-43: Michael uses a periodic inventory system and the following information is available: Sales Inventory-Be L$43,400 11,200 9,800 32, 42. Calculate the cost of goods sold: A) 9,800. B) $33,600. C) $32,200. D) $43,400. 43. Calculate the gross profit. A) $ 9,800 B) $33,600 C) $32,200 D) $43,400 44 The closing entry for an expense account would A) Debit Income Summary and credit the expense and credit Income Snman B) Debit the ex C) Credit Retained Earmings and debit the es D) Credit Revenue and debit the expense