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1-9 Which of the following is NOT a business transaction? A) The company sells goods for cash. The company buys land for cash. C) The company hires a new president. D) The company pays a dividend to its shareholders. 1-10 A business transaction has occurred when: A) an event affects the entity’s financial position. B) the event can be reliably measured. C) the accountant determines that the event is important enough to be a business transaction. D) both A and B occur. 1-11 A record of all the changes in a particular asset, liability, or shareholders’ equity during a period is called a (n): A) transaction. B) trial balance. C) journal D) account. 1-12 Which of the following is NOT an asset account? A) Accounts Receivable B) Prepaid Rent C) Share Capital D) All of these are asset accounts. 1-13 Any event that has a financial impact on the business and can be measured reliably is a(n): A) income statement. B) transaction. C) asset. D) journal. 1-14 The rules for recording accounting transactions do NOT include which of the following? A) Every transaction’s net amount on the left side of the equation must equal the net amount on the right side. B) Both sides of the accounting equation must be affected. C) Every transaction affects the financial statements of the business. D) Total assets must always equal total liabilities plus total equity. 1-15 Prepaid expense accounts appear on: A) the Income Statement. B) the Balance Sheet. C) the Statement of Changes in Equity and on the Income Statement. D) both the Income Statement and Balance Sheet. 1-16 Revenues are recorded when: A) the company signs a contract. B)work is begun on the job. C) cash is received from the customer. D) the work is completed on the job, whether or not the cash is received. 1-17 Goods purchased on account for future use in the business, such as Office Supplies, are called: A) Accrued liabilities. B) Prepaid expenses. C) Revenues. D) Expenses. 1-18 A company received cash in exchange