Accounting information is used by many stakeholders, both within and outside the organization. External users are the finance, marketing, human resources departments along with the management, whereas, the internal users are the investors and creditors. * True False Every time a company prepares financial statements, Adjusting Entries are required to ensure that the revenue recognition and expense recognition principles are followed and it will include one income statement account and one balance sheet account. * True False According to the expanded accounting equation, a company has recorded $12,500 of Assets, $6,400 of Liabilities, $5,500 of Owners' Equity, $1,000 of Owners' Withdrawal, $800 of Expenses. The Revenue earned by the company for this accounting period is $2,400.* True False The accounting process includes summarizing, analyzing, and reporting the financial transactions pertaining to a business to oversight agencies, regulators, and tax collection entities. * True False The ending inventory is $5,800, the cost of goods sold is $4,900. If there were no beginning inventory, the amount of inventory purchased during this accounting period was $10,700.* True False At the end of the accounting period, the company makes the accounts ready for the next period by closing the nominal accounts and maintaining the real accounts. * True False Solvency Ratios measure the short-term ability of the company to pay its maturing obligations and to meet unexpected needs for cash. * True False If a company receives an invoice of $8,560 from a vendor for the purchase of a second-hand pickup truck, due next week, it will debit one of its current assets account by $8,560 and credit Accounts Payable by $8,560.* True O False