Please answer every question provided.

1. When a company makes a cash sale to a customer, which financial statements change? a. Balance sheet only b. Income statement only C. Balance sheet and income statement 2. When a company pays for maintenance in cash, which financial statements change? a. Balance sheet only b. Income statement only C. Balance sheet and income statement 3. When a company makes a sale to a customer on credit, what happens to the accounts payable account? a. It increases b. It decreases c. It stays the same 4. Which of this is not an advantage of accural-based accounting? a. It is simple and easy b. It is used by large, publicly-traded corporations C. Is reports revenue when an invoice is issued d. It reflects the value a firm creates when it is created 5. When a company received cash from a customer for a gift card, which financial statements change? a. Balance sheet only b. Income statement only C. Balance sheet and income statement _the account. 6. Crediting a debit account a. Increases b. Decreases c. Does not change 7. The prepaid expenses account is an a. Asset b. Liability c. Equity d. Expense e. revenue 8. When a company uses inventory for a sale paid for with a gift card, what happens to inventory? I a. It increases b. It decreases c. It does not change 9. Operating profit measures how much value the business generates directly form its income/revenue activities. a. True b. False 10. Gross profit margin measures how much value the business generates directly form its income/revenue activities. a. True b. False 11. Assets and expenses are sources of funds a. True b. False 12. Liabilities obligate a company's assets to its creditors. a. True b. False