Question: Question 1 1 points Save A liability is a legal obligation to repay the amount borrowed according to the terms of the borrowing agreement. True

Question 1 1 points Save

A liability is a legal obligation to repay the amount borrowed according to the terms of the borrowing agreement.

True

False

Question 2 1 points Save

When a product is sold, this cost is often called

cost of goods sold.

revenue.

products.

retained earnings.

Question 3 1 points Save

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

Business entity concept

Going concern concept

Objectivity concept

Adequate disclosure concept

Question 4 1 points Save

Gilbert, Inc. had the following account balances at September 30, 2010. What is Gilbert

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