1. Accounting is an easy subject for people to understand because almost everyone is exposed to basic accounting concepts in their everyday life.

True or False??

2. Although managers who work for large firms must know something about accounting, people who run small businesses only need to know the basics of bookkeeping.

True False

3. It is impossible to run a company effectively without the ability to read and understand basic accounting reports and financial statements.

True False

4. With increased computer technology, the ability to read and understand financial statements is no longer an important skill for managers.

True False

5. Accounting provides information about the financial condition and operating performance of a firm.

True False