Problem 5\ Multiple choice: Select the best response in each item below.\ An entry to increase the accumulated depreciation account is recorded with a entry.\ a. debit\ b. credit\ c. either debit or credit\ Food inventory is reduced on the books to its market value when it is lower than cost due to the\ a. cost\ b. going concern\ c. business entity\ d. none of the above\ Which of the following items is not recorded at the end of the accounting period because of the matching principle?\ a. accrual of unpaid wages\ b. recognition of expired insurance coverage\ c. increase in the allowance for doubtful accounts\ d. recording of the dividend declared by the board of directors\ e. all of the above\ The branch of accounting involved with reviewing and evaluating documents, records, and control systems is:\ a. cost\ b. managerial\ c. auditing\ d. accounting systems\ Which of the following business formats has a limited number of owners?\ a. C corporation\ b. S corporation\ c. limited partnership\ d. limited liability company\ e. both

c

and

d

Multiple choice: Select the best response in each item below. 1. An entry to increase the accumulated depreciation account is recorded with a entry. a. debit b. credit c. either debit or credit 2. Food inventory is reduced on the books to its market value when it is lower than cost due to the principle. a. cost b. going concern c. business entity d. none of the above 3. Which of the following items is not recorded at the end of the accounting period because of the matching principle? a. accrual of unpaid wages b. recognition of expired insurance coverage c. increase in the allowance for doubtful accounts d. recording of the dividend declared by the board of directors e. all of the above 4. The branch of accounting involved with reviewing and evaluating documents, records, and control systems is: a. cost b. managerial c. auditing d. accounting systems 5. Which of the following business formats has a limited number of owners? a. Corporation b. S corporation c. limited partnership d. limited liability company e. both c and d