... liabilities d dividends 60 Free Test Bank for Survey of Accounting 7th Edition by Warren Multiple Choice Questions - Page Which of the following is an appropriate representation of the accounting equation? ... income of $12,000 b Net income of $72,000 c Net income of $28,000 d Net loss of $20,000 Cash collected from sales during the normal course of business would be an example of which type of business ... Internet rules d Generally Accepted Accounting Principles Which of the following types of business is popular for its ease and low cost of organizing? a Not -for- profit b Corporation c Partnership...