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9. Consider the function

0. Multiple Choice: For multiple choice and True/False please fill in correct answer(s) for each of the following by completely filling in the appropriate bubble(s)/selecting the correct answers on Canvas. You may be asked to provide quick justification for your answer. If you are not asked to show your work no justification is required.

The pdf of the exam is available here:   The multiple choice section is to be answered below on Canvas. For the rest of the problems, write you solutions out on blank paper and upload your work to the Gradescope assignment located here: https://www.gradescope.com/courses/1053743/assignments/6465711   The formula sheet is available here: 211_Formula_Sheet.pdf   You’ve got this! Good luck!

(c) Sales of a product are modeled by a function that gives the number of units sold days after the start of the month. If on the 10th day of the month sales are dropping (going down) increasingly rapidly, what can we say about the first and second derivatives of the function ?

3. What is the primary function of segregation of duties in internal control?

4. The going concern assumption assumes that:

14. A company receives a customer payment in advance for services to be performed next month. How should this be recorded?

2. Which of the following scenarios is an example of a strong internal control?

16. Below is a list of 25 different accounts. For each account, indicate:- Normal balance (debit/credit)- Classification (Asset, Liability, Equity, Revenue, Expense)- Financial statement it appears on (Balance Sheet or Income Statement)Cash:  __________________  |  __________________  |  __________________Accounts Receivable:  __________________  |  __________________  |  __________________Prepaid Insurance:  __________________  |  __________________  |  __________________Inventory:  __________________  |  __________________  |  __________________Equipment:  __________________  |  __________________  |  __________________Accumulated Depreciation:  __________________  |  __________________  |  __________________Accounts Payable:  __________________  |  __________________  |  __________________Salaries Payable:  __________________  |  __________________  |  __________________Unearned Revenue:  __________________  |  __________________  |  __________________Notes Payable:  __________________  |  __________________  |  __________________Common Stock:  __________________  |  __________________  |  __________________Retained Earnings:  __________________  |  __________________  |  __________________Dividends:  __________________  |  __________________  |  __________________Service Revenue:  __________________  |  __________________  |  __________________Sales Revenue:  __________________  |  __________________  |  __________________Cost of Goods Sold:  __________________  |  __________________  |  __________________Rent Expense:  __________________  |  __________________  |  __________________Salaries Expense:  __________________  |  __________________  |  __________________Depreciation Expense:  __________________  |  __________________  |  __________________Utilities Expense:  __________________  |  __________________  |  __________________Insurance Expense:  __________________  |  __________________  |  __________________Advertising Expense:  __________________  |  __________________  |  __________________Interest Expense:  __________________  |  __________________  |  __________________Income Tax Expense:  __________________  |  __________________  |  __________________Supplies:  __________________  |  __________________  |  __________________(Continue on additional paper if needed)

18. Scenario: Greenfield Home Goods needs to adjust its records before preparing financial statements.- Employees earned $3,000 in wages to be paid next month.- Depreciation of $900.- $6,000 received in advance, half earned this period.- Close revenue and expense accounts.Required: Prepare the necessary adjusting and closing entries.Date: ____________Account Debited: ___________________________  Amount: ____________Account Credited: __________________________  Amount: ____________Date: ____________Account Debited: ___________________________  Amount: ____________Account Credited: __________________________  Amount: ____________Date: ____________Account Debited: ___________________________  Amount: ____________Account Credited: __________________________  Amount: ____________Date: ____________Account Debited: ___________________________  Amount: ____________Account Credited: __________________________  Amount: ____________