1.The objective of financial accounting is to provide relevant and timely information to decision makers external to the organization.

True

False

2.Identify the three basiclegalforms of business organizations and some of the characteristics of each form.

3.If the balance in the supplies account on February 1 is $10,000, supplies purchased during February were $11,800, and the supplies on hand on February 28 were $2,500, the amount of supplies expense that would appear on the income statement for February is