Reference no: EM132782458

Problem 1: Most companies use a chart of accounts prepared by the

Option 1: Accounting Standards Council
Option 2: Securities and Exchange Commission.
Option 3: Bureau of internal Revenue
Option 4: entity's accounting department

Problem 2: Which of the following accounts is classified differently from the others listed?

Option 1: Prepaid Rent
Option 2: Cash
Option 3: Accounts Receivable
Option 4: Owner's Capital

Problem 3: When owner's equity decreases, one of the following must occur:

Option 1: withdrawals decreases
Option 2: an asset increases
Option 3: an income increases
Option 4: a liability increases