edu/access content attachment/12 1. What effect does the purchase of land for cash have on the accounting equation a. Assets increase and owner's equity decreases b. Assets increase and liabilities decrease c. Assets increase and liabilities increase d. Assets increase and assets decrease 2. Wher of the following is never a current liability? a. Accounts Payable b. Retained Earnings c. Unearned Revenue d. Salary Payable 3. The basic rules of financial accounting are: a. The Internal Revenue Code b. Accounting Concepts c. Generally Accepted Accounting Principles d. Faithfully represented and material. 4. Which of the following accounts is not closed at the end of the year? a. Common Stock b. Gain on Sale of Assets c. Income Tax Expense d. Cost of Goods Sold