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Cost of goods sold is an expense, and is reported on the income statement. () 5

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The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: ()

A. Going-concern assumption.
Business entity assumption.
C. Objectivity principle.
D. Cost Principle.

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An example of a investing activity is: ()

A. Buying office supplies.
B. Obtaining a long-term loan.
C. Buying office equipment.
D. Selling inventory.

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Double-entry accounting is an accounting system: ()

A. That records each transaction twice.
B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.
C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.
D. That may only be used if T-accounts are used.

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All of the following are expense accounts except: ()

A. Rent expense.
B. Prepaid Insurance.
C. Supplies expense.
Depreciation expense.

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