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3. F\&G Sporting Goods sells baseball equipment to a customer for which F&G had paid $10,000. Which one of the following choices describes the most appropriate accounting for the transaction? Debit inventory $10,000; credit cost of goods sold $10,000 Debit inventory $10,000; credit accounts payable $10,000 Debit cost of goods sold $10,000; credit inventory $10,000 Debit cost of good sold $10,000; credit cash $10,000 4. Choose the option to correctly complete the sentence. The funding portion of the balance sheet, which captures the capital that is supplied consists of and assets and liabilities assets and owner's equity liabilities and owner's equity none of the above 5. Which of the following is not one of the four requirements for an asset to be recognized on the balance sheet? Asset acquired at a measurable cost Asset must be easily converted into cash Asset expected to produce a future economic benefit Asset is obtained or controlled by the entity If the first line of the statement of cash flows is positive net income, which of the following is true? The cash flow statement has been presented using the direct method. The cash flow statement has been presented using the indirect method. The cash flow from operations must be positive. The cash flow from operations must be negative

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