1. One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more comparable. True False 2. The statement of financial position and the income statement are one and the same. True False 3. Financial accounting standards issued by the FASB are considered generally accepted accounting principles. True False 4. Financial statements may be prepared for A. One year B. Less than one year C. Either A or B D. Neither A or B. Financial statements can only be prepared on a monthly basis. 5. The field of accounting may best be described as: A. Recording the financial transactions of an economic entity. B. Developing information in conformity with generally accepted accounting principles. C. The art of interpreting, measuring, and describing economic activity D. Developing the information required for the preparation of income tax returns