Accounting being an information system follows basic accounting concepts or principles also known as the International Accounting Standards. True O False ABC Company records revenues from the sale of its merchandise immediately at time these goods were fully delivered to customers rather than waiting until cash is collected from them. This follows the revenue recognition principle. True O False The functional presentation of expenses in the income statement is usually shown by grouping into two separate categories the selling and administrative expenses. True False Fees paid by a client this month for services to be rendered next month will be recorded as income this month. True O False The heading on each financial statement lists the three W's- Who (the name of the company), What (the hame of the statement), and the Where (the address or place of business). True False