A company prepares financial statements for internal users, such as company management, and external users including lenders or shareholders.

Group of answer choices

-True

-False

Question 2

The balance sheet of a company shows the company's revenues/sales, expenses, and net income or loss over a period of time.

Group of answer choices

-True

-False

Question 3

A corporation has its own identity separate from its shareholders/owners.

Group of answer choices

-True

-False

Question 4

When a company makes a purchase of land on which to build the company headquarters, the land is considered an expense and should be revealed on the company's income statement.

Group of answer choices

-True

-False

Question 5

Companies incur utility costs for their properties including water, electricity, and gas usage. These costs should be reflected on a company's income statement each period.

Group of answer choices

-True

-False

Question 6

Using US-GAAP accounting rules, company revenues/sales should be recognized when earned, regardless of cash collected.

Group of answer choices

-True

-False

Question 7

A sole proprietorship is a business with one or multiple owners.

Group of answer choices

-True

-False

Question 8

A partnership company does not pay taxes, but instead, any partnership income is reported by each individual partner for tax purposes.

Group of answer choices

-True

-False

Question 9

The four common forms of for-profit business ownership include sole proprietorship, partnership, limited liability company (LLC), and corporation.

Group of answer choices

-True

-False

Question 10

Employees of a retail company are considered and recorded as assets of the company.

Group of answer choices

-True

-False

Question 11

Revenues/Sales are increases in company equity (via net income) from a company's sale of products and services to customers.

Group of answer choices

-True

-False

Question 12

Cash of a company is shown on the company's balance sheet as an asset.

Group of answer choices

-True

-False

Question 13

Wages paid to employees are expenses revealed on the company's income statement.

Group of answer choices

-True

-False

Question 14

For a dairy farm, cows would be considered an asset revealed on the farm's balance sheet.

Group of answer choices

-True

-False

Question 15

A net loss occurs for a business when revenues exceed expenses.

Group of answer choices

-True

-False

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