References Mallings Test Your Knowledge_3 [Compatibility Mode] Review View .EE AaBbcode A- A+ AS- ABCDE AaB Normal No Spacing Hea 2 7. On December 15, 2007, Myers Legal Services signed a $50,000 contract w provide legal services to the client in 2008. Which accounting principle would Legal Services to record the legal fees revenue in 2008 and not 2007? A. Monetary unit principle B. Going-concern principle C. Cost principle D. Business entity principle E. Revenue recognition principle 8. A debit is: A. An increase in an account. B. The right-hand side of a T-account. C. A decrease in an account. D. The left-hand side of a T-account. E. An increase to a liability account. 9. External users of accounting information include: A. Shareholders. B. Customers. C. Creditors. D. Government regulators. E. All of these. 10. Prepaid expenses are: A. Payments made for products and services that do not ever expire. B. Classified as liabilities on the balance sheet. C. Decreases in equity. D. Accets that represent prenaments of future eynences sto