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14 15. Where would one find how much debt and equity money a company raised during the year to finance its assets? [3 points) A. The cash balance in the asset section of the balance sheet. B. The expense balance in the regular income statement C. The financing section of the statement of cash flows. D. The shareholders equity section of the balance sheet. The reason the regular income statement is an accounting earnings or loss metric is because: (3 points) A. Accounting principles drive the amount of revenues and expenses that are recognized on the regular income statement B. If revenues exceed expenses, net income is the result on the regular income statement c. If expenses exceed revenues, net loss is the result on the regular income statement D. All of the above. 16. 17. The revenue recognition principle provides that revenue is recognized when (2 points) A. It is realized B. It is realizable. C. It is realized or realizable and it is camod. D. None of these answers are correct. What is consigned inventory (2 points] A. Goods that are shipped, but title transfers to the receiver, B. Goods that are sold, but payment is not required until the goods are sold. C. Goods that are shipped, but title remains with the shipper. D. Goods that have been segregated for shipment to a customer. Which inventory costing method reflect the most current costs for ending inventory on the balance sheet and cost of goods sold (cost of sales) on the income statement 18 points): Ending Inventory Cost of Goods FIFO FIFO B. FIFO LIFO C. LIFO FIFO D. LIFO LIFO 18

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