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Could somebody help me out with all of these T/F questions? Thanks! 18. Investors claims against assets are called equity TRUE 19. A business TRUE
Could somebody help me out with all of these T/F questions? Thanks!
18. Investors claims against assets are called equity TRUE 19. A business TRUE FALSE FALSE can obtain assets from three sources (1) Creditors (2) Stockholders (3) Operating losses 20. Poing aedieri i TRUE 21. An asset exchange decreases an asset and increases equity TRUE 22. The Balance Sheet and Statement of Cash Flows are as of a certain date, whereas the Income Statement FALSE FALSE and Statement of Changes in Stockholders Equity are for a span or period of time called the accounting period. TRUE 23. Webster Company received $20,000 from the issue of common stock. This is an asset exchange TRUE 24. Paying dividends is a legal requirement of all organizations. TRUEFALSE 25. The practice of paring revenue with expense is called the revenue recognition concept. TRUE 26. Income is measured for a span of time which is called the accounting period. TRUE FALSE 27. The measurement rules established by FASB are called GAA TRUE FALSE 28The amount of retained earnings represents the amount of cash a company has accumulated. TRUE 29. Liabilities can be viewed as sources of assets or alternatively, as obligations of the business. TRUE FALSE FALSE FALSE FALSE FALSE Step by Step Solution
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