2. Independent auditors express an opinion on the:3. The principal concern with

2. Independent auditors express an opinion on the:3. The principal concern with accounting for related party transactions is:4. Rent collected in advance is:5. When converting an income statement from a cash basis to an accrual basis cash received for services:6.
Hughes Aircraft sold a four passenger airplane for $380000 receiving a
$50000 down payment and a 12% note for the balance. The journal entry
to record this sale would include a:7. The adjusting entry required to record accrued expenses includes:8. Recognizing expected losses immediately but deferring expected gains is an example of:9. An example of fraud would be:10.
Land was acquired in 2006 for a future building site at a cost of
$40000. The assessed valuation for tax purposes is $27000 a qualified
appraiser placed its value a $48000 and a recent firm offer for the
land was for a cash payment of $46000. The land should be reported in
the financial statements at: