1. Managerial accounting provides financial information to

a	investors.

b	creditors.

c.

managers.

d.	the Internal Revenue Service.

2. A basic assumption of accounting assumes that requires that companies include in the accounting records only transaction data that can be expressed in monetary terms is referred to as the

a.	historical cost principle.

b.	monetary unit assumption.

c.	economic entity assumption.

d.	fair value principle.

3. Owners equity is equal to

a.	assets minus revenues.

b.	revenues minus expenses.

c.	assets minus liabilities.

d.	assets plus liabilities.

4. Payment of accounts payable

a.	increases assets and decreases liabilities.

b.	decreases assets and increases owners equity.

c.	decreases owners equity and decreases liabilities.

d.	decreases assets and decreases liabilities.