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By circling the letter of the answer choice, indicate which answer best completes the s answers the question (1 mark each) 1. What is the primary objective of financial reporting? A. to provide useful information for decision making B. to help management assess cash flow C. to protect users from fraudulent financial information D. to help investors make credit decisions E none of the above 2. What are economic resources? A. liabilities and shareholders' equity B. revenues C. assets D. owners' equity and shareholders' equity E. none of the above 3. What type of account is unearned revenue? A. shareholders' equity B. asset C. expense D. liability E. none of the above 4. What is another term for the dividends declared account? A closing account B. expense account C. temporary account D. asset account E. none of the above 5. Which of the following does NOT occur during the closing process? al entries are made to return the balance in all permanent accounts to zero. A. journ B. journal entries are made to transfer the net income or loss to retained earnings. C. journal entries are made to transfer the dividends declared to retained earnings. D. journal entries are made to return the balance in all temporary accounts to zero. E. none of the above

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