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Question 1 The first step in the accounting cycle is to enter the transaction information in a journal. True False Question 2 1 points Two differences between Management Accounting and Financial Accounting are that Management Accounting may deviate from GAAP and that it is directed more at internal users as opposed to external users. True O False Saved Question 3 2 points Save Answer An owner of a business collected $4,200 from a customer who received services on account. They also paid salaries of $1,750. Among all of the accounts effected, select the correct answer below. O a. Cash account in total decreased by $2,450; Accounts receivable increased by $1,750 O b. Accounts receivable increased by $4,200; Salaries payable decreased by $1,750 O c. Accounts Receivable decreased by $4,200; cash account in total increased by a total of 2,450 O d. Revenue increased by $4,200; Salaries payable increased by $1,750 Question 4 The broad set of rules or guidelines that accountants must follow when preparing financial statements are: O a. ACCT b. HRPG O c. GAAP d. IFSR 2 points Save Answer An owner invested $12,500 cash in her new business and then purchased equipment for $3,800, paying $3000 in cash and $800 on account. Among all of the accounts effected, select the correct answer from below. Question 5 O a. Capital increased by $12,500; Cash decreased by $9,500 O b. Cash increased by $12,500; Capital account increased by $12,500, Equipment increased by $3,800 O c. Cash increased by $9,500; Accounts payable increased by $800 O d. Equipment increase by $3,800; Accounts payable decreased by $800