21) Contributed capital is also called ________.
A) paid-in capital
B) retained earnings
C) investments
D) non-current liabilities
22) Cash is ________.
A) part of retained earnings
B) found on the income statement
C) equal to net income on the income statement
D) found on the balance sheet
23) Team Shirts purchased $2,000 worth of T-shirts from a company in Guatemala. Team Shirts recorded the value of the transaction in U.S. dollars. Which accounting rule applies to this situation?
A) monetary-unit assumption
B) consistency
C) relevance
D) full-disclosure principle
24) The three basic elements of the balance sheet are ________.
A) operating activities, investing activities, and financing activities.
B) assets, liabilities, and shareholders' equity
C) revenues, expenses, and net income or loss
D) retained earnings, net income, and dividends
25) The three basic elements of the statement of cash flows are ________.
A) operating activities, investing activities, and financing activities
B) assets, liabilities, and shareholders' equity
C) revenues, expenses, and net income or loss
D) retained earnings, net income, and dividends
26) The three basic elements of the income statement are ________.
A) operating activities, investing activities, and financing activities
B) assets, liabilities, and shareholders' equity
C) revenues, expenses, and net income or loss
D) retained earnings, net income, and dividends