ltiple Choice Q estions. (2x15 0 points) ll. Mul expected to yield future benefits are: I, that are B. Revenues. Resources A Assets. D, Owner's Equity. Liabilities, eamings activities are: C, a company's increases in equity from B. Revenues. A. Assets, D, Owners Equity. C Liabilities. S700,000; the liabilities. $200,000, What are 3. The assets of a company total the claims the owners? of B, S700,000. A. $900,000. D. $200,000. C. $500,000. 4. Adjusting entries: A Affect only income statement accounts. B.Afect both income statement and balance sheet accounts. C. Affect only balance sheet accounts. D. Affect only cash flow statement accounts. 5. Assets, liabilities, and equity accounts are not closed; these accounts are called B. Temporary accounts. A. Nominal accounts. D. Permanent accounts. C. Contra accounts. 6. Sales less sales discounts less sales returns and allowances equals: B. Cost of goods sold. A. Net purchases. D. Gross profit C. Net sales. A-2 6