Calculator Which of the following represents the accounting equation? O Revenues - Expenses = Net Income Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends O Assets = Liabilities + Stockholders' Equity O Current Liabilities + Long-Term Liabilities = Total Liabilities O Change in Cash + Beginning Cash = Ending Cash Calculator Which of the following statements is correct? The preparation of managerial accounting information is not bound by GAAP. Reports and other output provided by financial accounting systems focus on the future. Financial accounting relies on the knowledge of broad, mutlipdisciplinarian teams to properly record and report transactions. Managerial accounting systems provide information primarly used by shareholders and other external users. Managerial accounting systems produce the four basic financial statements. Calculator The cash basis of accounting recognizes O revenues when cash is received and expenses when cash is paid. revenues when earned and expenses when incurred. revenues when cash is received and expenses when incurred. O revenues when earned and expenses when cash is paid. O revenues when deferred and expenses when accrued