TIPLE CHoICE. Choose the one alternative that completes the statement or answers the question. best accepted of creating and/or using generally 1) Many organizations have contributed to the process responsibility for accounting principles. Which of the following organizations has the primary formulating accounting standards? C) FASB B) AICPA A) SEC pts and cash payments during a 2) Which of the following financial statements repor rts cash recei period of time? B) statement of cash flows A) income statement D) statement of stockholder's equity C) balance sheet Case equity) of wilson Mowing Corporation as ofDecember 31 of The following is a list of account balances (all except owners the first year ofoperation: 2,500 Accounts receivable Accounts payable Salary expense Repairs expense 8,500 Truck Equipment 8, 200 Notes payable Supplies expense 31, 900 Service revenue Gasoline expense payable Salary The stockholder's equity account was S3, 000 at the beginning of the year and dividend of $12,000 was paid during the a year. D) $21, 200 B) $24, 100 A) $12, 200 the entity will remain in operation for the foreseeable future? B) reliability concept A) cost principle D) entity concept going-concern concept Lindsey Smith decided to start her own CPA practice. Lindsey purchased an office building for $35,000 which her real estate agent has told her could be sold for $50, 000 in the near future. 5) Lindsey records the building as a $50,000 asset because she believes that is the real value of the business. Which of the following concepts or principles of accounting is being violated? cost principle A) going concern concept D) stable monetary unit concept C) entity concept