1) Indicate whether the following statements about the balance sheet of a corporation are true or false:

(a),Assets list all the valuable things owned by the entity

(b),The amount reported for the paid-in capital item is approximately the fair value of the stock

(c),The amount reported for total equity is approximately the fair value of the corporation's stock

(d),Total equities (also called "net worth") show approximately what the entity is worth

(e),Retained earnings is the amount of cash retained in the entity

A balance sheet does not report all the facts about a business. What concept limits the amount or type of information that can be reported?

_____ - _______ _________