Question: Part 5: Multiple Choice Questions 1. Which entity establishes accounting standards in the United States? a. International Accounting Standards Board (IASB) b. Financial Accounting Standards

Part 5: Multiple Choice Questions 1. Which entity establishes accounting standards

Part 5: Multiple Choice Questions 1. Which entity establishes accounting standards in the United States? a. International Accounting Standards Board (IASB) b. Financial Accounting Standards Board (FASB) C. Securities and Exchange Commission (SEC) d. American Institute of Certified Public Accountants (AICPA) 2. A mortgage would be classified in which section of the accounting equation? a. Assets b. Liabilities C. Owners' equity 3. Which term represents money owed to a company by customers? a. Investments b. Notes receivable C. Accounts payable d. Accounts receivable 4. Determine the ending balance for retained earnings as of December 31, 2020. Retained Earnings, January 1, 2020 Dividends paid during 2020 Expenses incurred during 2020 Revenue earned during 2020 25,731 5,000 11,201 16,405 a. $37,136 b. $58,337 C. $35,935 d. $25,935

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