60. Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)? A = C - (R - E) + L   A = (L - C) + (R - E)   A = C + L + (R-E) A = L + R + E + C

< Accrued expenses affect a. liabilities b. fixed assets C. assets Od. prepaid expenses on the balance sheet. 4

Which of the following are the elements of the financial statement A Faithful representation and completeness Revenue and Expenses only Assets, Liability, Equity, Revenue and Expenses D GAAP, IFRS and ASPE

7. Net Working Capital is the difference between Current Assets andLong-Term Liabilities. T/F 8. APR takes into consideration compounding, whereas EAR does notfactor in compounding. T/F