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NEW QUESTION 36
All of the following items appear on the balance sheet EXCEPT:

• A. Retained earnings
• B. Liabilities
• C. Cost of goods sold
• D. Assets

Answer: A

Explanation:
Explanation/Reference: https://www.investopedia.com/articles/fundamental-analysis/10/creative-accounting-balance-sheet.asp

NEW QUESTION 37
Accounting records are designed to be kept on subjective rather than objective evidence.

• A. True
• B. False

Answer: B

NEW QUESTION 38
Revenue is recognized when it is:

• A. Realized and Evidenced
• B. Realized and Earned
• C. Fictitious and Earned
• D. All of the above

Answer: B

NEW QUESTION 39
According to fraud tree, cash has three following schemes:

• A. Skimming, cash larceny and fraudulent disbursements
• B. Cash distribution, skimming and fraud analysis
• C. Cash larceny, cash distribution and fraudulent disbursements
• D. Fraud analysis, skimming and cash misappropriations

Answer: A

NEW QUESTION 40
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