9. ABC Retail reconciles its bank account every month. In July, an employee forgot to record a $2,000 check that cleared. What effect does this have on financial statements? 

4. The going concern assumption assumes that:

7. The revenue recognition principle states that revenue should be recognized when:

12. If a company forgets to make an adjusting entry for an accrued expense, what happens to net income?

5. What is the purpose of the matching principle?

8. Home Depot had $30,000 in revenue and $18,000 in expenses. What is its net income?

2. What is the fundamental accounting equation?

The example we covered in class about how the Red Cross handled the error of posting on the wrong account best exemplified which Page Principle:  

What does impressions measure according to course materials:  

Cybil Chen knows that her company is in trouble. Over the last year her silk screening company has been losing market share, has not been able to attract any additional capital, and has lost several key employees to rivals. Which of the following SWOT categories best matches the characteristics of Cybil’s company?