5) All the following statements about users of accounting information are correct EXCEPT A Regulatory authorities are considered as internal users B Taxing authorities are considered as external users C Management is considered as internal users D Present creditors are considered as external users 7) The economic entity assumption states that economic events A can be identified with a particular unit of accountability. B of a sole proprietorship cannot be distinguished from the personal economic events of its owners C must be reported to the Securities Commission. D of different entities can be combined if all the entities are corporations. 8) Which of the following is true regarding the going concern concept? A Expenses incurred during the accounting period will be matched against revenue earned during the same accounting period B Any foreseeable losses should be recorded in the current year, whereas profit will be recorded when it is realised CA business will continue to operate in the foreseeable future. DEvery transaction has two aspects of accounting. 10) Which of the following explains the concept of consistency? A The accounting rule requiring a persistent application of a selected accounting method or procedure period after period. B The accounting rule that requires assets and services plus any resulting liabilities to be taken into accounting records at cost C The accounting rule that requires profit to be realised at the time when goods or services are passed to the customer. D The accounting rule requiring that whenever possible the amounts used in recording transactions be based on objective evidence rather than on subjective judgements