Multiple CHOICE

l Mple Choices (40 points, 2 points each) 12 13 14 15 16 7 189 20 No. Answer No. Answer 21 22 23 24 25 26 27 28 29 30 11. The record in which transactions are first recorded is the: A. Account balance. B. Ledger. C. Journal. D. Trial balance. 12. An accountant has debited an account for $3,500 and credited a liability account for 2,000. Which of the following would be an incorrect way to complete the recording of this transaction: A. Credit another asset account for $1,500. B. Credit another liability account for $1,500. C. Credit an expense account for $1,500. D. Credit the owner's capital account for $1,500. E. Debit another asset account for $1,500. 13. To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the: A. Objectivity principle B. Monetary unit assumption. C. Business entity assumption. D. Going-concern assumption. E. Revenue recognition principle 14. The area of accounting aimed at serving the decision making needs of internal users is: A. Financial accounting. B. Managerial accounting. C. External auditing. D. SEC reporting. E. Bookkeeping. 2