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5. The matching principle" controls A. When revenues should be recognized on the income statement. When costs should be recognised as expenses on the income statement. Where on the income statement income and expense items should be presented. The ordering of current assets and current liabilities on the balance sheet. 6. If a company incorrectly records a payment as an asset, rather than as an expense, how will this error affect net income in the current period? Net income will not be affected by this error Net income will be understated Net income will be overstated D. None of the above 7. Which of the following statements regarding the balance sheet are true? The sections on a balance sheet represent the basic accounting equation for a particular business. il. The balance sheet summarises the net changes in specific account balances over a period of time equity of The balance sheet reports the amount of assets, liabilities and stockholders' a business at a point in time. IV. The balance sheet does not include any income, expense or profit items. B. II & IV C. I, III & IV 8. Which of the following accounts can be classified as asset accounts? Equipment Inventory ll. Unearned Revenue v. Prepaid expenses B, II & IV D. I, II & IV 9. Which one of the following statements best explains the "duality of effects"? A. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result. B. When an exchange takes place between two parties, both parties must record the transaction C. When a transaction is recorded, both the balance sheet and the income statement must be impacted When a transaction is recorded, both accounts will either increase or decrease