answer the multiple choice questions

The balance sheet reports the Select one: a. financial position on a specific date. b. financial position for a specific period. c. results of operations for a specific period. d. results of operations on a specific date. Read the transaction and state which account would be debited. "Jan 1 Started business with $3000 cash. Select one: a. Bank b. Capital c. Cash d. Business The double entry rule says that for every transaction there should be one account affected Select one: a. False b. True c. Neither True/False d. Both True \& False The double entry rule says that the left side is the debit side and the right side is the credit side Select one: a. Neither True/False b. False c. True- d. Both True \& False The expense recognition principle matches: Select one or more: a. expenses with revenues. b. creditors with businesses. c. assets with liabilities. d. customers with businesses. True/False: An accrued expense is expensed first and paid later. Select one: a. False b. Neither True/False c. True d. Both True \& False True/False: A prepaid expense is paid first and expensed later. Select one: a. True b. Neither True/False c. False d. Both True \& False What is an Income? Select one: a. Obligation between one party and another not yet completed or paid for. b. The revenue a business earns from selling its goods and services. c. A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. d. Earning from investments and other sources unrelated to employment. TRUE/FALSE: Cashflows from Investing activities includes the sale of dividends Select one: a. False b. Both True \& False c. True d. Neither True/False Using the accounting equation, Seal Away Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050. Requirements 1 . Use the accounting equation to solve for equity. Select one: a. 8,900 b. 37,450 c. 27,450 d. 9,350