All decreases in owner's equity are a result of expenses.

a. True
b. False

Preparation of closing entries

a. assist in achieving periodicity and accrual accounting.

b. is the first step after posting to the general ledger.

c. is an optional step in the accounting cycle.

d. All of these choices.

If a company is expected to survive, it is considered a going concern.

a. True
b. False

IFRS are important to multinational companies because

a. it would enable them to achieve higher profitability due to the different reporting standards under IFRS.

b. it would lower their taxes in each country in which they do business.

c. if they can use IFRS for all their operations, it would simplify the process of preparing financial statements.

d. All of these choices.