etion 1: True/False each question is worth 2pts (20 total points) 1. The primary objective of financial accounting is to provide useful information to external decision makers. 2. Patents, trademarks, and franchises are examples of tangible assets. 3. The equipment cost initially reported on the balance sheet includes the equipment- related installation and transportation costs. 4. Current liabilities are defined as obligations to be paid within six months. 5. Treasury stock is a corporation's own stock that was issued and then repurchased, and is still held by the corporation. 6. Ordinary costs incurred to repair and maintain a long-lived productive asset are expensed as incurred. 7. Earnings per share must be either reported on the income statement or disclosed in the notes to the financial statements. 8. Preferred stock often has a preference over common stock in the distribution of assets in the event of dissolution of the corporation. 9. The issue of $1 par value stock for $10 per share results in a $9 credit to the additional paid in capital account for each share issued. 10. The balance sheet includes assets, liabilities, and stockholders' equity as of a point in time